China fudges official GDP numbers? Here's what a top economist is saying
China while suggesting that they might be really inflated, reported Business Insider.
According to Business Insider, while speaking at an event which was hosted by the Peterson Institute for International Economics, Gao Shanwen eventually stated that the actual GDP growth of China could be averaging somewhere around 2% over the past two to three years, in spite of the official figures reporting close to nearly 5%. He also made a speculation that the future growth rates might realistically range between 3% and 4%, while the government will likely continue to report around 5%.
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The recent remarks of Gao Shanwen comes amidst severe ongoing challenges for economy of China which include a real estate crisis, high youth unemployment and deflationary pressures, asserted Business Insider. He also described the current state of Chinese youth as ‘lifeless’ while indicating a decline in consumer spending among younger populations.
In spite of these grave and huge issues, China reported a GDP growth of 5.2% last year and has set a similar target for this year as well.
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