Why you shouldn’t trust China’s economic statistics
China central bank released the figure for new property development loan for first half year in the morning.
When questioned about why the 1st half figure was lower than the 1st quarter figure , they tried to explain that property developers make debt repayments in 2nd quarter. This is saying that property developers are giving the thumbs down to the property market.
Realising their mistake, a corrected figure which is larger than the 1st quarter figure was released quietly in the night as if they got something to hide. Unfortunately, the old figure is still in the media as the central bank forgot to notify the media (don’t know whether it is on purpose or not)
Entry filed under: Watch your step.