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.

  1150

 

You may also be interested in:

The United States Should Sell Alaska to Solve Its Debt Problems
The Financial Exploitation of Models
TSA Store Sells Everything it Has Confiscated, From Snow Globes to Swiss Army Knives Sold By the Pound
Credit Card Data Can Be Easily Stolen With a Smartphone
Bankers