Although it denies "allegationst that it cooks its books," some economists seem to think that the picture-perfect economic growth shown by China may be a result of political pressure forcing inflated numbers. If devaluation of its currency is a possible sign, the world may face a financial crisis similar to that experienced in 2008.
[...] Achieving growth targets is a matter of political importance in China, and there's evidence that someone somewhere is fiddling with the numbers.
For one thing, China's No. 2 leader, Li Keqiang, admitted as much in 2007.
A diplomatic cable released to the public by Wikileaks quoted Li as saying during a dinner that GDP figures were "man-made" and therefore unreliable. Li said he personally looked at electric consumption, rail cargo and loans disbursed for a clue to how the economy was operating, rather than official growth figures.
"All other figures, especially GDP statistics, are 'for reference only,' he said smiling," the cable reads.
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