Voice of Hope January 18, 2024
Comprehensive report by our reporter Han Mei
The Chinese economy is under scrutiny after the release of seemingly inaccurate and manipulated economic data by the CCP officials. The release has caused concern among economists and analysts, prompting questions about the true state of the Chinese economy.
The real estate crisis has been highlighted as the starting point of the economic downturn. The collapse of the real estate bubble has led to a contraction in the real estate market and near-collapse of the Chinese economy. The National Bureau of Statistics recently released data stating that national commercial housing sales in 2023 only decreased by 6.5% compared to the previous year. However, further investigation has revealed that the actual decrease was as high as 12.5%, calling into question the accuracy of the data released by the Bureau of Statistics.
In response to the discrepancies, the Bureau of Statistics has claimed that they had revised the data, stating that the initially announced data for 2022 was incorrect. Critics, however, have accused the Bureau of releasing false and inflated figures and then shamelessly revising them and labeling it as “data revision.”
Other economic indicators, such as GDP and youth unemployment rates, have also come under scrutiny. The Bureau of Statistics has been accused of using new statistical methods to manipulate and underreport the youth unemployment rate, masking the true severity of the situation.
The Shanghai Stock Exchange Index has also hit new lows, indicating the grim reality of the economic situation. The outside world has taken notice of these developments, with concerns raised about the true state of China’s economy.
Chinese leader Xi Jinping’s recent call for stricter financial regulation and the crackdown on financial crimes has also raised speculations about the gravity of the economic crisis. Economist Cheng Xiaonong has stated that China’s economic and financial crisis has arrived early and needs to be urgently addressed.
It is evident that the Chinese economy is facing a severe crisis, and conventional measures may not suffice to resolve the situation. Tough measures and directives from the leadership may exacerbate the consequences for the banking system and other sectors.
The true state of the Chinese economy remains uncertain, but it is clear that the official data released by the authorities has caused widespread concern and skepticism.
Editor in charge: Lin Li
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