Baltimore — Who do you trust more, the Chinese government or the politically connected folks at the helm of Goldman Sachs?

For years, the Street has looked at any Chinese economic data with a weary eye. Without the checks and balances of a democratic government, Beijing had plenty of reasons to manipulate its growth figures.

Sources: GM May Drop Pontiac, GMC Brands; Rosetta Stone IPO Soars; Turkey Benchmark Rate at Record Low; Zurich Financial Buys AIG’s Auto Insurance Unit; NYT Will Cut Content; Canadian Factory Orders Rise; Copper Falls on China GDP; Falling U.S. Homestarts; Bankruptcy “Cram Down” Bill Falters in Senate

China’s already steep $585 billion (4 trillion yuan) stimulus could double over the next three years to as much as $1.2 trillion (8 trillion yuan), a figure that would put the country’s economic growth back on track, an economist said at a Beijing summit.

Yen continues to kick!  Jim Rogers disses sterling…  China’s 4th QTR GDP…  Singapore announces stimulus… And Now… Today’s Pfennig!

An upward revision in China’s growth figures allowed it to leapfrog Germany to become the world’s third-largest economy in 2007. Now the Red Dragon is snapping at Japan’s heels in the quest to become No. 2 in the world’s economic pecking order.

The steel business faces its biggest hurdle in 60 years with some analysts predicting double digit production cuts in 2009. Now, a sudden change in China trade policy may spell even more trouble for Western steelmakers, as Beijing is currently considering measures to shore up its ailing steel industry with new export policies.