Chinese data beat expectations, with Q2 GDP at 7.0% YoY

Chinese data beat expectations, with Q2 GDP at 7.0% YoY, which prompted Chinese stocks to close lower, as 'good news means no more stimulus': The Shanghai market was -3.0% and a swathe of individual stocks closed limit down 10%. Of course, any GDP number is an abstraction, like trying to measure how many angels can dance on the head of a pin; but in China's case it's suspicious that whatever happens to that pin, the answer is never lower than "7" (in the same way as USD/CNY is glued to 6.20). 

Despite the head of the statistics division being wheeled out to publicly state, "China's GDP is not overestimated," one can't help but wonder how that GDP figure was arrived at given the unofficial Li Keqiang index was 3.1% YoY in May, rail freight -11%, and electricity usage 1.2%.