China's GDP growth over the first half of the year was probably overstated due to a frenzy of IPOs, bond issuance, and stock market volatility.  The overstatement was a result of a financial sector growth surge anomaly this year, and not intentional manipulation.  Although, Beijing was probably happy with the anomaly

Q2 GDP grew well above expectations at 7% as June economic activity surged.  Growth was primarily driven by the service sector, which grew at 8.4%.  The industrial sector continues to weaken, slowing to 6.1% over the quarter.

China’s stock markets have dominated the news recently, but the main risks for H2 2015 growth prospects are the headwinds to Beijing’s stimulus policies.  Q2 GDP came in on target, running at 7% growth overall.  But, the industrial component, important to commodity demand and China's economic passthrough to other economies, slowed meaningfully to 6.1%.