Is the republic really growing at 8 percent a year?

Speaking of which, unemployment data in China is sorely lacking and, as a result, largely ignored by most investors and economists. Since GDP trumps all, analysts can hail China as recession-proof, even after officials estimate some 20 million to 25 million jobs were lost among migrant workers. Whether or not GDP grew by 7.9 percent in the second quarter, the average Chinese person definitely did not get 7.9 percent richer.

Explainer thanks Shen Minggao of Caijing magazine, Yasheng Huang of the Massachusetts Institute of Technology's Sloan School of Management, and independent economist Andy Xie.