People’s Daily recently reported that all but one province (Qinghai Province) had released their official GDP growth rates for the first half of 2013. All of these 30 provinces recorded a growth rate higher than the national GDP growth rate of 7.6 percent. Most of the provinces suffered a slower rate than last year’s. Among the 30 provinces, Guangdong Province had the highest GDP level and Jiangsu Province and Shandong Province followed as the second and the third, respectively. These three provinces accounted for one third of the national GDP. The report suggested that, in addition to the possibility that numbers were forged, statistical calculation differences could have resulted in incorrect financial reports as well. Experts expressed the belief that, despite the questionable accuracy, the numbers still showed a clear slowdown in the Chinese economy; nor has there been any sign of a rebound occurring anytime soon. It is important to promote structural reform and to encourage consumer spending and private sector investments.
Source: People’s Daily, July 29, 2013