Serpo
5th September 2013, 04:11 PM
Chinese Province 'Busted' For Fake Data; Exaggerated 2013 Output By Over 150% (http://www.zerohedge.com/news/2013-09-05/chinese-province-busted-fake-data-exaggerated-2013-output-over-150)Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 09/05/2013 - 09:39 http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/08-2/5292-fake-sta_article_0.jpg
Still believe that China's PMI is above 50 and suggesting a global growth expansion? Still believe in Santa and the Tooth Fairy? Well, none other than China's own National Bureau of Statistics has been forced to admit that at least one of its major provinces has dramatically overstated industrial output. As Sina reports (http://english.sina.com/china/2013/0905/625704.html), according to a NBS report, the government in China's Yunnan province had coerced local companies to report inflated industrial output value, resulting in artificially high economic figures. With government leadership promotions driven by the performance of economic numbers in each province, it should hardly be surprising but the scale of the fraud is remarkable. In 2012, one county in Yunnan province reported CNY6.34 billion in output while audits showed only CNY 2.82 billion and in the first half of 2013, Yunnan published CNY 2.75 billion in output while audits showed a mere CNY1.06 billion! The province was also found to have faked investment data.
http://www.zerohedge.com/
Still believe that China's PMI is above 50 and suggesting a global growth expansion? Still believe in Santa and the Tooth Fairy? Well, none other than China's own National Bureau of Statistics has been forced to admit that at least one of its major provinces has dramatically overstated industrial output. As Sina reports (http://english.sina.com/china/2013/0905/625704.html), according to a NBS report, the government in China's Yunnan province had coerced local companies to report inflated industrial output value, resulting in artificially high economic figures. With government leadership promotions driven by the performance of economic numbers in each province, it should hardly be surprising but the scale of the fraud is remarkable. In 2012, one county in Yunnan province reported CNY6.34 billion in output while audits showed only CNY 2.82 billion and in the first half of 2013, Yunnan published CNY 2.75 billion in output while audits showed a mere CNY1.06 billion! The province was also found to have faked investment data.
http://www.zerohedge.com/