
Is China cooking the books on its economy?
A Western financial analyst based in Shanghai once described China’s economic statistics to me as ‘one of greatest works of contemporary Chinese fiction’. Not even the Communist party’s (CCP) own officials believed them. A cottage industry of esoteric techniques developed to try and measure what was really going on, ranging from diesel and electricity demand to the fluctuating levels of the country’s chronic air pollution, car sales, traffic congestion, job postings and construction – even the sale of underwear or pickled vegetables. One enterprising analyst regularly sent spies to Shanghai port to count the ships and throughput of trucks. Questioning the official figures has become increasingly dangerous in the China
