It is known that China "misstates" GDP and a variety of economic metrics on a regular basis. Don't take my word for it - thank WikiLeaks:
http://www.reuters.com/article/2010/12/06/us-china-economy-w...
China's economy is slowing and the electricity consumption is the best un-manipulated evidence we have. As the above commenter references, this slowdown is likely the result of the credit spigot getting turned off.
