Western media should drop bias against China’s growth figures
BEIJING—Official figures published by China’s National Bureau of Statistics earlier this month suggested that the country’s economy was off to a good start in the first quarter of 2016.
However, the BBC, Britain’s major broadcast service, voiced suspicions right after the numbers were released, saying local governments and enterprises had massaged the numbers so as to meet growth targets.
Chinese economic data are often questioned by skeptics, but a recent report by the Federal Reserve Bank of Kansas City showed that such skepticism is groundless. Its authors found that China’s official gross domestic product (GDP) data are a reliable
Michael Parker, economist for Bernstein Research in Hong Kong, also disagrees with the skeptics. “The idea of getting tens or maybe hundreds of thousands of accountants and statisticians across China to march consistently in a crooked line — and to do that for a decade or more — sounds, to us, implausible,” he said.
Indeed, the fact that China has had tremendous growth over the past three decades simply goes against such scepticism. Observers have said China’s family wealth is still significantly underestimated.
Actually, some Western media are strongly prejudiced against the reliability of China’s statistical