China's Official Growth Figure are "Absolute Make-Believe."

Another economic crisis may be looming

#Money

Tue, Jan 12th, 2016 11:00 by capnasty NEWS

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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