摘要
Is China＇s economy really overheating？ Many of the year-on-year （y/y） numbers now look worrying. Electricity production in December 2009 rose 27% y/y, for instance; Q4 GDP rose by 10.7% y/y, above the 8-10% range which most economists agree is .trend growth. The problem with looking at year-on-year numbers, though, is that be-cause of the problems the economy experienced a year ago, the base effects are huge.
Year-on-year numbers exaggerate China's growth,but it is probably still above trend Winter effects on coal and food are paramount now,but input prices will continue to rise Policy makers are normalising policy gradually;risk of overheating
