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It’s typically advisable not to accept Chinese economic data at face value –as even the country’s own premier will tell you. Figures on everything from inflation and industrial output to energy consumption and international trade often don’t seem to gel with observation and sometimes struggle to stack up when compared with other indicators.

How the figures are massaged and by whom is as much a secret as the real data itself. But in an unusual move, the National Bureau of Statistics – clearly frustrated with the lies, damn lies – has recently outed a local government it says was involved in a particularly egregious case of number fudging, providing rare insight into just how we’re being deceived.

According to a statement on the statistics bureau’s website dated June 14 (in Chinese), the economic development and technology information bureau of Henglan, a town in southern China’s Guangdong province, massively overstated the gross industrial output of large firms in the area.

An investigation by the state statistician into a sample of 73 out of a total 249 firms counted in the data found that 38 were too small to be counted as large firms and so shouldn’t have been included, and a further 19 had either stopped production, moved out of the town or otherwise ceased to exit.

The statement said that 71 companies surveyed by the statistics bureau had industrial output of 2.22 billion yuan ($362 million) in 2012 in total, but that the local government recorded it as being 8.51 billion, almost four times as much as the actual figure.
:woot:

The data was supposed to be contributed by the firms themselves using an online platform. Instead, employees of the Henglan economic development bureau entered the figures themselves from their office, the statement said. It also said that by May or June last year the relevant government leaders in Henglan knew about the distortions but chose not to do anything about it.

Calls to the Henglan economic development bureau Wednesday went unanswered.

The statistics bureau doesn’t say why Henglan inflated its industrial output numbers. But indications that a local economy is sagging could reflect poorly on the prospects for promotion of local officials, and China’s southern provinces have been particularly hard hit by the global slowdown in demand for the country’s exports. Factories have closed, moving inland and overseas in search of cheaper labor, denting local government revenues.

“When governments are looking to burnish their track record, that can put the local statistics departments in a very awkward situation,” said a commentary piece that ran Tuesday in the Economic Daily (in Chinese), a newspaper under the control of the State Council, China’s cabinet. The article said that one of the biggest obstacles to ensuring accurate data is that the agencies responsible for crunching the numbers aren’t independent from local authorities. Moreover, it argues that penalties for producing fake data were too mild to act as a deterrent.

The National Bureau of Statistics said that it pursued the Henglan case on a tip from a whistleblower. How widespread the problem is elsewhere in the country is anyone’s guess. And sure, this may have been going on for years with little real impact on economic decision making. But with China’s growth slowing for first time since becoming a major player in the global economy, artificially inflated figures threaten to further complicate efforts by companies and governments everywhere to gauge what that slowdown means for them.

http://http://blogs.wsj.com/chinarealtime/2013/06/19/a-rare-look-into-how-china-fudges-its-numbers/
 
gdpchart.png

JUST LOOK AT THESE BIZARRE FIGURES OF CHINESE GDP. IN CHINA 9>10 :rofl:EVERY PROVINCE HAS BATTER GROWTH RATE THAN THE NATIONAL AVERAGE:cheesy:
 

Here YOU go:

China's Global Ranking:

Nominal GDP (2)
PPP GDP (2)
Net Investment Position (1)
Population (1)
Land Area (3)
Labour Force (1)
External Assets (5)
Gross Savings (1)
Total Investment (1)
Manufacturing (1)
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Agriculture (1)
Industry (1)
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Supercomputers Top 500 (2)
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• Base Metals:
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• Precious Metals:
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• Energy:
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• Agriculture:
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Vegetable production (1)
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Indians dream of overtaking China is gone forever so now they get some mental masturbation from blogs :lol: Just proves why India is the most vile and repulsive civilization with the lowest IQ.

Not to mention certain Western countries too, which hope for the same.

They should rather worry about the fact that Western countries on average have total debt of 376% of their GDP.

Number of the Week: Total World Debt Load at 313% of GDP - Real Time Economics - WSJ

Great numbers here also, lol:

U.S. National Debt Clock : Real Time
 
US debt is over $200 TRILLION according to well respected Boston university professor Lawrence Kotlikoff.

Yes, definitely, when you take into account unfunded liabilities, which is something that should also be taken into the account. Then numbers are even worse - above 1000% of the U.S. GDP.
 
China doesn't need to fudge. I find this laughable. It is witnessed in it's infrastructure and it's defense spending. India pales when compared to China.
Even if China did fudge, it'd be the other way round. Meaning, China perhaps, understated their growth.
The Chinese must be laughing now as we speak.
 
Here YOU go:

China's Global Ranking:

Nominal GDP (2)
PPP GDP (2)
Net Investment Position (1)
Population (1)
Land Area (3)
Labour Force (1)
External Assets (5)
Gross Savings (1)
Total Investment (1)
Manufacturing (1)
Consumer market (3)
Luxury market (1)
Agriculture (1)
Industry (1)
Services (3)
Household Wealth (3)
Millionaires (4)
Billionaires (2)
Fiscal Revenue (3)
Fiscal Expenditure (3)
Trade (1)
Exports (1)
Imports (2)
Annual FDI (2)
Total FDI stock (2)
Annual ODI (5)
Total ODI stock (10)
Foreign Exchange Reserves (1)
Sovereign Wealth Fund Assets (1)
Gold Reserves (5)
Reserve Currency % (?)
SWIFT payments currency (14)
Banking Assets (3)
Insurance market (?)
Hedge Fund industry assets (?)
Mutual Fund industry assets (?)
Stock market cap (5)
Bond market size (5)
Foreign Exchange market (?)
Commodities trading market (?)
Derivatives market (?)
Military spending (2)
Weapons exporter (3)
Number of Scientists (1)
Number of Engineers (1)
R&D spending (2)
Patents granted by WIPO (?)
Fortune 500 global brands (2)
Supercomputers Top 500 (2)
Electricity production (1)
Electricity consumption (1)
Cement production (1)
Cement consumption (1)
Raw Material production (?)
Raw Material consumption (1)
Automobile production (1)
Automobile market (1)
Expressway Length (2)
High-Speed Rail Length (1)
Waterway length (1)
Pipeline length (1)
Rapid transit system length (1)
Airports (?)
Aircraft production (?)
Aircraft market (2)
Ports (?)
Shipbuilding (1)


IPO market (?)
M&A market (?)
Private Equity market (2)
Venture Capital market (?)
Credit Card market (?)
Advertising market (3)
Internet market (1)
E-Commerce market (2)
Real Estate market (?)
Construction market (1)
Construction Machinery market (1)
Art market (1)
Luxury Watch market (1)
Wine market (5)
PC market (1)
Smartphone market (1)
Tablet market (2)
LCD TV market (1)
Camera market (1)
Home Appliance market (1)
Toy market (3)
Entertainment & Media market (5)
Movie market (2)
Music market (?)
Video Game market (?)
Online Gaming market (1)
Lottery market (2)
Grocery market (1)
Pharmaceutical market (5)
Medical Device market (3)
Cosmetic market (3)
Tourism earner (4)
Tourism spender (1)


• Base Metals:
Steel production (1)
Steel consumption (1)
Iron Ore production (1)
Iron Ore consumption (1)
Copper production (?)
Copper consumption (1)
Aluminium production (1)
Aluminium consumption (1)
Zinc production (?)
Zinc consumption (1)
Lead production (?)
Lead consumption (1)
Nickel production (?)
Nickel consumption (1)
Tin production (1)
Tin consumption (1)
Tin reserves (1)

• Precious Metals:
Gold production (1)
Gold consumption (2)
Silver production (3)
Silver consumption (2)
Platinum production (?)
Platinum consumption (1)
Palladium production (?)
Palladium consumption (1)


• Energy:
Energy production (1)
Energy consumption (1)
Shale Gas reserves (1)
Coal production (1)
Coal consumption (1)
Oil production (4)
Oil consumption (2)
Natural Gas production (7)
Natural Gas consumption (4)
Nuclear production (?)
Nuclear consumption (?)
Hydropower production (1)
Hydropower consumption (1)
Wind power production (1)
Wind power consumption (1)
Solar power production (1)
Solar power consumption (1)


• Agriculture:
Cereal production (1)
Cereal consumption (1)
Rice production (1)
Rice consumption (1)
Wheat production (1)
Wheat consumption (1)
Corn production (2)
Corn consumption (2)
Soybean production (4)
Soybean consumption (1)
Cotton production (1)
Cotton consumption (1)
Sugar production (3)
Sugar consumption (2)

Meat production (1)
Meat consumption (1)
Pork production (1)
Pork consumption (1)
Beef production (3)
Beef consumption (1)
Poultry production (1)
Poultry consumption (?)
Fish production (1)
Fish consumption (?)

Fruit production (1)
Fruit consumption (?)
Apple production (1)
Apple consumption (?)
Orange production (4)
Orange consumption (?)
Banana production (3)
Banana consumption (?)
Pear production (1)
Pear consumption (?)
Peach production (1)
Peach consumption (?)
Plum production (1)
Plum consumption (?)
Watermelon production (1)
Watermelon consumption (?)

Vegetable production (1)
Vegetable consumption (?)
Tomato production (1)
Tomato consumption (?)
Carrot production (1)
Carrot consumption (?)
Potato production (1)
Potato consumption (?)
Cabbage production (1)
Cabbage consumption (?)
Have no time to check the list. By the way, in almost every field you mentioned above, you will find India at least in the top ten and also see the fore cast for the next ten years. You can not believe your own eyes. Also check the data of previous ten years. See the huge improvement. :azn::offpost:
But the point here is-ALL CHINESE DATA ARE BOGUS.
 
US debt is over $200 TRILLION according to well respected Boston university professor Lawrence Kotlikoff.
Fitch says China credit bubble unprecedented in modern world history

The agency said the scale of credit was so extreme that the country would find it very hard to grow its way out of the excesses as in past episodes, implying tougher times ahead.
"The credit-driven growth model is clearly falling apart. This could feed into a massive over-capacity problem, and potentially into a Japanese-style deflation," said Charlene Chu, the agency's senior director in Beijing.
"There is no transparency in the shadow banking system, and systemic risk is rising. We have no idea who the borrowers are, who the lenders are, and what the quality of assets is, and this undermines signalling," she told The Daily Telegraph.
While the non-performing loan rate of the banks may look benign at just 1pc, this has become irrelevant as trusts, wealth-management funds, offshore vehicles and other forms of irregular lending make up over half of all new credit. "It means nothing if you can off-load any bad asset you want. A lot of the banking exposure to property is not booked as property," she said.
Concerns are rising after a string of upsets in Quingdao, Ordos, Jilin and elsewhere, in so-called trust products, a $1.4 trillion (£0.9 trillion) segment of the shadow banking system.
Bank Everbright defaulted on an interbank loan 10 days ago amid wild spikes in short-term "Shibor" borrowing rates, a sign that liquidity has suddenly dried up. "Typically stress starts in the periphery and moves to the core, and that is what we are already seeing with defaults in trust products," she said.
Fitch warned that wealth products worth $2 trillion of lending are in reality a "hidden second balance sheet" for banks, allowing them to circumvent loan curbs and dodge efforts by regulators to halt the excesses.
This niche is the epicentre of risk. Half the loans must be rolled over every three months, and another 25pc in less than six months. This has echoes of Northern Rock, Lehman Brothers and others that came to grief in the West on short-term liabilities when the wholesale capital markets froze.
Mrs Chu said the banks had been forced to park over $3 trillion in reserves at the central bank, giving them a "massive savings account that can be drawn down" in a crisis, but this may not be enough to avert trouble given the sheer scale of the lending boom.
Overall credit has jumped from $9 trillion to $23 trillion since the Lehman crisis. "They have replicated the entire US commercial banking system in five years," she said.
The ratio of credit to GDP has jumped by 75 percentage points to 200pc of GDP, compared to roughly 40 points in the US over five years leading up to the subprime bubble, or in Japan before the Nikkei bubble burst in 1990.
"This is beyond anything we have ever seen before in a large economy. We don't know how this will play out. The next six months will be crucial," she said.
The agency downgraded China's long-term currency rating to AA- debt in April but still thinks the government can handle any banking crisis, however bad. "The Chinese state has a lot of firepower. It is very able and very willing to support the banking sector. The real question is what this means for growth, and therefore for social and political risk," said Mrs Chu.
"There is no way they can grow out of their asset problems as they did in the past. We think this will be very different from the banking crisis in the late 1990s. With credit at 200pc of GDP, the numerator is growing twice as fast as the denominator. You can't grow out of that."
The authorities have been trying to manage a soft-landing, deploying loan curbs and a high reserve ratio requirement (RRR) for banks to halt property speculation. The home price to income ratio has reached 16 to 18 in many cities, shutting workers out of the market. Shadow banking has plugged the gap for much of the last two years.
However, a new problem has emerged as the economic efficiency of credit collapses. The extra GDP growth generated by each extra yuan of loans has dropped from 0.85 to 0.15 over the last four years, a sign of exhaustion.
Wei Yao from Societe Generale says the debt service ratio of Chinese companies has reached 30pc of GDP – the typical threshold for financial crises -- and many will not be able to pay interest or repay principal. She warned that the country could be on the verge of a "Minsky Moment", when the debt pyramid collapses under its own weight. "The debt snowball is getting bigger and bigger, without contributing to real activity," she said.
The latest twist is sudden stress in the overnight lending markets. "We believe the series of policy tightening measures in the past three months have reached critical mass, such that deleveraging in the banking sector is happening. Liquidity tightening can be very damaging to a highly leveraged economy," said Zhiwei Zhang from Nomura.
"There is room to cut interest rates and the reserve ratio in the second half," wrote a front-page editorial today in China Securities Journal on Friday. The article is the first sign that the authorities are preparing to change tack, shifting to a looser stance after a drizzle of bad data over recent weeks.
The journal said total credit in China's financial system may be as high as 221pc of GDP, jumping almost eightfold over the last decade, and warned that companies will have to fork out $1 trillion in interest payments alone this year. "Chinese corporate debt burdens are much higher than those of other economies. Much of the liquidity is being used to repay debt and not to finance output," it said.
It also flagged worries over an exodus of hot money once the US Federal Reserve starts tightening. "China will face large-scale capital outflows if there is an exit from quantitative easing and the dollar strengthens," it wrote.
The journal said foreign withdrawals from Chinese equity funds were the highest since early 2008 in the week up to June 5, and withdrawals from Hong Kong funds were the most in a decade.
http://http://www.telegraph.co.uk/finance/china-business/10123507/Fitch-says-China-credit-bubble-unprecedented-in-modern-world-history.html
PLEASR READ THE WHOLE REPORT

The source is a blog and it returns 404. Do you know what http error 404 means? If not, refer here.
HTTP 404 - Wikipedia, the free encyclopedia

I should be mercy, I should not feel pity for you guys. Next time, try harder! :smitten:
IDIOT.:smitten:
 
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