Chinese officials admit to faking economic figures

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Chinese officials admit to faking economic figures · 5

qiy · 3267 days ago

Several local officials in China's Northeast region sought to explain dramatic economic drops in their areas by admitting they had faked economic data in the past few years to show high growth when the real numbers were much lower, Xinhua News Agency reported on Friday.

"If the past data had not been inflated, the current growth figures would not show such a precipitous fall," one official was quoted as saying.

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OMFG_TH3_1D10T · 3266 days ago · link ·

I'm not surprised that they controlled the numbers.

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qiy · 3266 days ago · link ·

It did seem a bit too good to be true. The rough figure that was thrown around was something like 10% per year for a decade. The country has grown economically, but maybe not nearly as fast.

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OMFG_TH3_1D10T · 3266 days ago · link ·

They're communist. So everything goes through them. And they want to look good.

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katakowsj · 3266 days ago · link ·

Communism the issue? They sound very "Enron" in their bookkeeping? Maybe they're just like any human beings that have been caught up on their own hubris and are now desperate to make reality match the perception they've created.

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qiy · 3266 days ago · link ·

I agree. It doesn't seem like communism is at fault here. In fact it is competition for investment that was the driver, a very un-communist thing.