Some economists had serious concerns over linking Chinese centrally command regime with global economy for a long time. They were alarmed not only by the fact that regime fakes statistics but that it treats GDP not as an economic indicator but rather as a goal in itself.
It appears that Chinese regime falsified economic data.
China can not hide this fact on the level of local governments any longer. The agency of propaganda, Xinhua, admitted that local officials had “significantly overstated data ranging from fiscal revenue and household income to GDP”.
In 2012 Liaoning officials falsely claimed that GDP over was at 9.5 percent while in first three quarters of this year was at 2.7 percent. In Jillin it was supposedly at 12 percent but this year is 6.3 percent in the same period. An official in Heilongjiang province admitted that local investment data was inflated by at least 20 percent.
In the end of 2014, Fuxin and Huludao, two cities in Liaoning Province, faked the number of newly commissioned housing projects. The non-existent projects accounted for 52.8 percent and 29.3 percent of the two cities’ total projects, respectively.
The Xiuyan Manchu Autonomous County located in the eastern mountains of Liaoning, falsified 847 million yuan of fiscal revenue. The figure was 2.27 times the county’s actual fiscal revenue in 2013.
The National Audit Office said in October that 23.7 percent of construction projects it audited nationwide in August were behind schedule – according to Xinhua. The 193 slow-moving projects involve a total investment of 286.9 billion yuan, according to a NAO report following audits of 29 provinces, 29 central departments and seven centrally administered State-owned enterprises in China.
Taling, a township in Liaoning, reported a fiscal revenue of 25.34 million yuan in 2013. The figure was 17.24 times of the township’s actual revenue.
Pulandian, a city in Liaoning, cut its public fiscal revenue for 2014 to 3.39 billion yuan from the 5.34 billion yuan it projected at the beginning of the year – a 37.5 percent drop.
The agency of propaganda, Xinhua, in an astonishing report described quoted an official who said:
“If the past data had not been inflated, the current growth figures would not show such a precipitous fall”.
Revealing a fact of falsification of key economic data on the regional level, Chinese Communist regime inadvertently admitted that using this faked information on developments in regions could not possibly produce any true report on the country’s economy.
This fact demands answer from those “experts”, “economists” and “officials” who pushed several Western economies into close cooperation with a completely bankrupted economic moloch. It raises concerns whether their clearly wrong judgement was only a pure act of misinformation or it also involves corruption.