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Monday, December 31, 2007

China's Economy - Size Adjusted Down

Per the LA Times, the size of the Chinese Economy has been adjusted down per the World Bank. The article analyzes the impact of the changes such as that China will not be bigger than the US economically in 2012, as well as the fact considerably more people are poorer in China than thought before.

Amazing what you can do with statistics. How reliable are the measurements? I am not sure. Statistics on economic output in China are state controlled for the most part from what I have read. There is usually an incentive to overstate statistics on a lower, state level (who wants to admit to being poor or not making their growth estimates). Would it be in China's interest to have lower statistics? Would it be in their interest to have higher statistics? I can see arguments for reasons for going either way.

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