The Chinese data authorities are constantly revising GDP items always in an upward diection. Which means that it is all but certain that Chinese output is seriously overstated.
There is no doubt that China has experienced spectacular growth over the last 35 years but it's likely not nearly as much as they claim. On top of that no one trusts the government to tell the truth. Which is a terrible portent for the future.
A fascinating recent example is described here.
No comments:
Post a Comment