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.

  1294

 

You may also be interested in:

Where All the American Flags Being Burnt in Pakistan Come From
Loving Couple Divorces To Stay Afloat Financially
Tar Sands: "If Canada proceeds, and we do nothing, it will be game over for the climate."
IBM and Microsoft Just Killed the Patent Reform
Under Paul Ryan's Plan, Mitt Romney Would Pay 0.82 Percent in Taxes