A former Chinese finance minister criticized the country’s statistics for failing to properly report negative economic changes, with the rare harsh public statement from a senior official highlighting long-standing concerns about the accuracy and reliability of national data.
A key meeting of key leaders last week said that China’s growth next year would be weighed down by a “triple” whammy of contraction in demand, a supply shock and weaker expectations.
However, none of these are visible in the statistical indicators, which have all been “very good,” former Chinese finance minister Lou Jiwei (樓 繼偉) said on Saturday at an online event.
“There are insufficient numbers reflecting negative changes” in the economy, Lou said, adding that the one-sided data makes it more difficult to assess the government’s current judgment on the “triple forces” overshadowing the economy.
“In contrast, the United States has both positive and negative numbers,” he said.
While the Chinese government touts the increase in the number of companies and other market entities, despite the COVID-19 pandemic, it has not made public that many of them are inactive due to of business issues and the difficulty of canceling official registrations, Lou said. .
Likewise, government statistics count the new jobs created, but do not know whether these people are then made redundant after six months or more, he said.
Lou is well known as an outspoken and outspoken commentator on economics. After being Minister of Finance, he headed the National Pension Fund until 2019.
Economists, as well as Chinese government officials, have repeatedly raised questions about the accuracy of the country’s economic data over the years. After a series of scandals over falsified data, a special unit has been set up to tackle the problem, the director of China’s National Bureau of Statistics, Ning Jizhe (寧吉?), Saying in 2018 that the problems belonged to all in the past.
Ning took to the online forum on Saturday just before Lou made his comments.
Although Chinese statistics appear to have improved in recent years as national authorities assume more responsibility for data collection, doubts remain about issues such as the stability of growth statistics or discrepancies between national figures. and locals continuing to raise questions about their accuracy.
The most important word for Chinese economic policy next year is “stability,” according to a senior Chinese Communist Party (CCP) economic official.
There are many hidden risks in the economy and the financial sector, and China cannot return to the old growth path, Han Wenxiu (韓文秀), executive vice minister of the Central Business Commission said on Saturday. financial and economic affairs of the CCP at an online event. .
Han was explaining the economic plans for next year, which the CCP released on Friday.
The real estate sector is large, has a long supply chain, and accounts for a high proportion of the economy, fixed capital investments, local government revenues and loans from financial institutions, Han said.
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