{"id":29787,"date":"2015-01-22T04:00:09","date_gmt":"2015-01-22T09:00:09","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=29787"},"modified":"2015-01-21T12:30:30","modified_gmt":"2015-01-21T17:30:30","slug":"china-barely-misses-growth-target-as-if-we-can-trust-their-numbers-anyway","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2015\/01\/22\/china-barely-misses-growth-target-as-if-we-can-trust-their-numbers-anyway\/","title":{"rendered":"China (barely) misses growth target … as if we can trust their numbers anyway"},"content":{"rendered":"

Ah, well, I haven’t ridden this old hobby horse for a while, so let’s just let Tim Worstall<\/a> explain why this time<\/em>, we might be able to get a bit of perspective from the otherwise unreliable official Chinese government economic figures:<\/p>\n

Many observers have been slightly sceptical of Chinese GDP numbers for some years now. Regional GDP numbers don\u2019t seem to quite match with other regional numbers (say, oil consumption, other proxies for economic activity) and national numbers don\u2019t necessarily reflect the sum of all of those regional numbers either. There\u2019s absolutely no doubt at all that the place has been getting richer but whether quite so much or quite in the manner being reported is another matter. And then there\u2019s another group of observers (this one including myself) who have some experience of how communists report economic numbers. There\u2019s a plan, the Communist Party is in charge of executing that plan and, amazingly, the plan is always reported to have either worked or been exceeded. Anything less would reflected badly on said Communist Party. As I\u2019ve also been exposed to the old Soviet accounting systems I\u2019m more sceptical than most on this point.<\/p>\n

So, there\u2019s that slight worry that a slowing China (or one not growing at the former breakneck pace perhaps) will also lower growth in other countries. We\u2019re pretty sure that\u2019s going to happen. But we\u2019ve also got this other thing to ponder. If the Communist Party is allowing the reporting of numbers that don\u2019t meet the plan then what\u2019s going on with that?<\/p>\n

Is this some sea change in the management of the numbers? They\u2019re actually reporting the correct numbers? Or are those suspected massages of the numbers still going on but they underlying reality is so bad that they just couldn\u2019t get up to the planned target? This is, I agree, all wild surmise. But it is a surprise that the numbers came in below target because that\u2019s just not what we\u2019ve come to expect in such a political system. And that could be very bad news indeed.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Ah, well, I haven’t ridden this old hobby horse for a while, so let’s just let Tim Worstall explain why this time, we might be able to get a bit of perspective from the otherwise unreliable official Chinese government economic figures: Many observers have been slightly sceptical of Chinese GDP numbers for some years now. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,25,84],"tags":[712,780,269,290],"class_list":["post-29787","post","type-post","status-publish","format-standard","hentry","category-china","category-economics","category-government","tag-centralplanning","tag-communism","tag-propaganda","tag-statistics"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-7Kr","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/29787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=29787"}],"version-history":[{"count":2,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/29787\/revisions"}],"predecessor-version":[{"id":29789,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/29787\/revisions\/29789"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=29787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=29787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=29787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}