REUTERS/Valentyn OgirenkoHere is what you need to know.
China admits to cooking the books. A report from China’s state-run news agency, Xinhua, says “several” officials in the country’s Northeast have admitted to fabricating economic data to show higher growth than obtained. In one instance, Liaoning gross domestic product was reported at 9.5% three years ago and is now being reported at 2.7%. According to one unnamed official, “If the past data had not been inflated, the current growth figures would not show such a precipitous fall.” Additionally, Guan Yingmin, a government official in Heilongjiang province, suggested investment figures for much of …read more
Source: Business Insider
