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.
|Time To Say Goodbye to Paper Money|
|Listen to Bitcoin: Making Music With Bitcoin Transactions|
|Increased Labour Costs Could Bankrupt 9 out of 10 Chinese Companies|
|Forget Piggy Banks -- Get a DSLR Camera Coin Bank|
|“Astronomers have sent a radio message to a neighbouring star system.”|
|“When automation starts displacing lawyers, accountants and bankers, then we might see some push-back.”|
|“A photograph of the last male northern white rhinoceros.”|
|How to Avoid Jury Duty|
|CaptchaTweet: Write Tweets in Captcha Form|
|“A fraudster poses as an attractive woman and encourages a man to masturbate in front of a webcam.”|
|“Facebook has contributed to, and profited from, the erosion of democratic norms in the United States.”|
|Japanese Robot Serves Ice Cream From Inside a Vending Machine|
|Google Map Shows You the Most Photographed Areas of the World|
|“Semis, not personal cars, are the smartest use of autonomous technology.”|
|“The homemade airplane does indeed fly!”|
|“The way we produce energy today is deadly.”|