It’s Official: China Fakes Economic Numbers

Chinese state mouthpiece Xinhua GDP numbers have been made up for a long time, at least at the regional level. This is just short of the National Audit Office admitting GDP numbers are basically made up.

A Chinese woman wears a mask as haze from smog caused by air pollution hangs over the Forbidden City in Beijing, China, on Nov. 15, 2015. (WHO). Kevin Frayer/Getty Images

Everybody knew it but it took a while to become official. 

In the case of overstated Chinese GDP figures, we now have confirmation from the Chinese state mouthpiece Xinhua that they have been made up for a long period of time, at least on the regional level.

This is just short of the National Audit Office admitting GDP numbers are basically made up. Actually, according to a report by China Daily, the National Audit Office did that as well, but didn’t release the report.  

The Chinese economy clearly is not growing at anything like 7 percent.

— Wilbur Ross, WL Ross & Co