Economic data can be spun to fit the mood. Right now, investors are feeling bullish, as shown by their treatment of Chinese growth. China’s economy expanded 8.9 per cent in the fourth quarter of last year. There were two bullish interpretations. First, that it was better than economists had forecast and a stronger economy meant higher share prices. Second, that it was lower than the previous quarter and a weaker economy meant more monetary easing and higher share prices. Either way, no hard landing.
人們可能會對經濟數據做出有傾向性的解讀，使之契合某種情緒。眼下，投資者們感到很樂觀，這從他們對待中國成長數據的態度中就可看出。去年第四季度，中國經濟成長了8.9%。對此，投資者們做出了兩種看漲的解讀。第一種是，這一增幅超過了經濟學家的預測，而經濟走強即意味著股價會上漲。第二種是，這一增幅低於上一季度，而經濟走弱即意味著貨幣政策會進一步放鬆、股價會因此上漲。無論是哪種情形，中國都不會出現硬著陸。
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