Officially, GDP grew by over 4%; Dragonomics reckons it actually declined by 1.5%.

根据官方数据，GDP增长了4%以上；Dragonomics估计实际上GDP下降了1.5%。

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If those 300m, who belong to what Dragonomics calls "consuming China", were a nation, they would live in an economy two-thirds the size of Germany's.

假如这3亿人——他们属于龙洲经讯所称的“消费的中国”(consuming China)——自成一个国家，该国的经济规模将相当于德国的三分之二。

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Arthur Kroeber of Dragonomics, a Beijing-based research firm, argues that if higher inflation reflects faster wage growth, this will help China, not hurt it.

北京研究机构龙洲经讯(Dragonomics)的葛艺豪(Arthur Kroeber)认为，如果通胀率升高反映的是工资涨幅加快的话，那么对中国来说就是件好事，而不是坏事。

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Overall, "there is some deceleration but it's not catastrophic, " said Rosealea Yao, an analyst at Dragonomics Research.

WSJ: China Construction Starts Slowed in 2011

Even these robust retail sales understate the strength of consumer spending, says Arthur Kroeber of Dragonomics, a Beijing-based economic research firm.

ECONOMIST: China's households are not as tight-fisted as you think

Overall, Dragonomics's Mr Kroeber thinks that GDP growth in the year to the first quarter of 2009 was not significantly overstated.

ECONOMIST: Is China overstating its true rate of growth?