HSBC Chairman Flint just defied everyone on China's growth target - and the Rugby World Cup

Douglas Flint, HSBC chairman, should know a thing or two about the Chinese economy.

For a start, he's on the economic advisory boards for both the mayor of Beijing and mayor of Shanghai. And his bank was founded in China in 1865.

So when he says "the data suggests that China will stage a modest recovery in the coming quarters, with full-year growth of around 7%," it makes you wonder what data he's looking at.

As noted earlier by Jim Edwards, many analysts think the real figure is around 4-5%.

This is because objective data for the demand for the raw materials of growth, like cement, metal and electricity are all heading the same direction: down. Meanwhile the country is dealing with its stock market losing the GDP of Britain in less than a month and a huge corporate debt pile.

So why the optimism? The Chinese government will pull its two emergency levers - interest rates and state spending - and effectively buy the growth it needs, says Flint.

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