12/15/2015 Officials admit to faking economic figures Business Chinadaily.com.cn
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Officials admit to faking economic figuresBy ZHENG YANGPENG (China Daily)
Updated: 20151214 07:27
An employee welds the exterior of a vehicle along a production line at a factory in Qingdao,Shandong province Dec 1, 2014. [Photo/Agencies]
Several local officials in China's Northeast region sought to explain dramatic economic dropsin their areas by admitting they had faked economic data in the past few years to show highgrowth when the real numbers were much lower, Xinhua News Agency reported on Friday.
"If the past data had not been inflated, the current growth figures would not show such aprecipitous fall," one official was quoted as saying.
The report cited several officials in the region who acknowledged they had significantlyoverstated data ranging from fiscal revenue and household income to GDP.
Three years ago Liaoning province's GDP growth was reported at 9.5 percent, but its currentfigure-over the first three quarters of this year-is just 2.7 percent. Jilin's growth wasreported at 12 percent three years ago, but its current rate is 6.3 percent in the same period.
The revelation about the inflated figures came as the GDP growth of the three Northeastprovinces ranked the lowest nationwide.
Guan Yingmin, an official in Heilongjiang province, said local investment figures were inflatedby at least 20 percent, which translates to nearly 100 billion yuan ($15.7 billion).
If the local financial reports were true, some single counties' GDP would have surpassedHong Kong. An earlier audit by the National Audit Office found one county in Liaoning thatreported annual fiscal revenues 127 percent higher than the actual number.
A staff member in the Jilin provincial finance department, who asked not to be identified, toldChina Daily that in past years, local officials competed each other to lure external investmentprojects. They reported the promised investment value, whether it had been achieved or not,as the investment figure.
The legacy of the command economy in the area means that there is a lack of
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entrepreneurship and forward thinking, said Xu Mengbo, an economics professor at JilinUniversity.
"In terms of management ideas, there is at least 10year gap," he said.
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