India, Sept. 16 -- Indian experts are a bit happy, although they are hiding the feelings. Global pundits are a bit worried, but they publicly show optimism. Economic data from China for August creates such dichotomous emotions. GDP growth is down. Inflation is in the negative, which should be good, as economists claimed for prices going down in India. But in China's case it is taken as an indication for lower spending and lower demand in the future. Unemployment is high. Investments are low. So are imports, which should again be good, as is the case with India. But in China's case this reflects lower domestic demand.

Such are the myriad and bizarre ways that analysts dissect data emanating from the Red Dragon. This is possibly why, and w...