This is a landmark move for China, to partially open the door in its capital account. The significance of this, in my opinion, is perhaps greater than the exchange rate reform in July.

This highlights a re-accelerating economy led by consumption and investment.

I do not believe that 0.9 percent is sustainable, especially given the price liberalization in areas such as gasoline and utilities.

I don't think the world can tolerate such a massive surplus.

In the past, it's a window to raise funds for Chinese companies. And, in the future, it might also be itself a destination for Chinese money abroad.

This is clearly not what the government expected.

The austerity program ... slowed bank loans and undermined the cash flows of weak developers. However, it did not do much to halt domestic hot money, which appears to be returning in full swing.

The biggest beneficiary of all this is the United States. Look, a Barbie doll costs $20 but China only gets about 35 cents of that.

This is a day for celebration. But tomorrow when Hong Kong wakes up, it will still face structural challenges.

This is economic revision makes the figure closer (to actual GDP), but still there is underestimation.