China’s consumers, officials and statisticians all lack confidence

China’s economicnbs problems are distinctive. Inflation is too low, not too high. Many cities have too much housing, not too little. The country’s unmatched saving rate suggests it is, if anything, making excessive provision for its future.China’s response to economic difficulties is also—how to put this politely?—idiosyncratic. Consider the way it handled a barrage of bad news this week from the National Bureau of Statistics (). The bureau reported retail sales and industrial production were both worse than expected in July. Property sales slumped again. Urban unemployment rose. And this data followed earlier releases showing declining consumer prices, a precipitous drop in exports, vanishing foreign-direct investment and weak demand for credit.