The China Activity Proxy, or CAP, was created by the London firm Capital Economics. A U.S. diplomatic cable made public by Wikileaks in 2010 revealed Chinese Premier Li Keqiang said he follows electricity production, freight weight, and bank-loan growth in lieu of official Chinese government GDP figures. Capital Economics created an index of these Chinese economic indicators thought to be used by Li Keqiang.

The China Activity Proxy, since 2012, has been at least a couple percentage points below the government’s official GDP rate, which is widely considered to be faked by the Communist government.

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