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Liaoning Province 2016 GDP Number Was 23 Percent Higher than Reality

Well-known Chinese news site Sina recently reported on newly released official economic statistics that showed a 23 percent decline in Liaoning Province’s 2016 GDP number. The surprising number reflected the adjustments needed because of the province’s illegal activities in faking the province’s official statistics. The governor of Liaoning acknowledged his predecessor’s wrongdoing. However, the adjusted new number also reflected an economic decline resulting from debt defaults, production reductions, and massive layoffs in this industrial province that relies heavily on producing steel. Last April, Liaoning became the first province in seven years to report a negative growth rate. Many economists expressed their belief that political manipulation of economic data has been a widespread issue across China. Liaoning is not an isolated case. For many years, China’s national GDP total has always been less than the sum of GDP numbers from all provinces.

Source: Sina, February 23, 2017
http://finance.sina.com.cn/stock/usstock/c/2017-02-23/doc-ifyavvsk2920406.shtml

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