no doubt that "some" of the reported China GDP data is due to...

no doubt that "some" of the reported China GDP data is due to mal-investment (cities with nil residents / shopping malls with low patronage etc etc).

the "infrastructure spend" appears to be founded upon moving goods / people to and fro .......

the bigger picture implications are:
1. Forgien reserves being cycled into US T's
2. further pain in oversupplied commodities mk's (iron-ore / copper / therm coal )
3. steel market to take many yrs to recover

if this unwinds - then US$ headed to the toilet .........but much more quickly than say Jap Yen ......

imho - this would be a smidge positive for supply constrained commodities (gold / oil / nickel / silver) (I am ignoring the rehyperthetication of these commodities by various intermediaries)..

interesting times (as always)
rgds
V_H