My comment:
(a) The entire report is worht reading.
(b) The report sattes, "Lombard Street Research in London estimated China’s annualized growth rate during the second quarter at a little less than 4 percent."
(i) I assume that rate is compared with the same period a year ago (2Q11), rather than 1Q12.
(ii) The home page of Lombard Street Research, in the left column (under the heading "Latest Macroeconomic Research"), shows two items (both dated July 13) that are related to, or analysis about, China's 2Q12 GDP growth rate.
(A) "Asset Allocation - Hard landings-...
Macroeconomic Outlook China's Q2 growth is estimated by us at a 4% annual rate, with the past three quarters' average being 5%."
(B) "Daily Notes - China’s hard landing...
We suggest: Shanghai Composite not yet at bottom We recalculate the average annualised growth rate for the past three quarters at 5%, versus the official number of about 7%."
Unfortunately they are for (paying) clients, though the company does offer a free trial (which I forgo).