In a recent interview with China Times, Liu Wei, a member of Xi Jinping’s advisory group, President of the People’s University, and prominent economist, stated that the growth of China’s GDP may be 4.5 percent.
China Times asked for Liu’s thoughts on the doubts that analysts expressed about the accuracy of the 6.9 percent rate of GDP growth allegedly achieved in the third quarter as China had officially announced. Analysts believed the aggregated 6.9 percent growth rate was not consistent with the statistics regarding repots on individual items and that China faces more problems in achieving a seven percent GDP growth rate for the year.
Liu responded that there may be some inconsistencies. With a six percent growth in manufacturing, eight for the service industry, and three for agriculture, it seems to be hard to explain or substantiate the 6.9 percent GDP growth rate. “I understand the questioning. It may require us to scrutinize more carefully and to explore further the changes in the statistical methodologies and transparency."
In response to the comments made by China Times in the interview that some analysts believe that the actual growth rate of China’s economy is only about 4.5 percent, Liu said, “That may be the real number. To be honest, even if it is 4.5 percent or 5 percent, do not be afraid. The key is whether the economy can actually endure it.”
Source: China Times, November 25, 2015