01/19/2018, 09.21
CHINA
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Official figures: the Chinese economy grew by 6.95 in 2017. But doubts remain

Growth is greater than the government's forecasts. But analysts are sceptical that the figures have been manipulated. Standard & Poor's and the IMF are calling for reforms on state-owned companies, those that absorb the most credit and indebt the state.

 Beijing (AsiaNews / Agencies) - In the past year, the Chinese economy grew by 6.9%. It is the first time in seven years that the results have been greater than expected. For 2017, the government had expected growth of 6.5.

Analysts think that this positive performance depends primarily on the general improvement of the world economy, which has increased Chinese exports, followed by new government credits and investments in infrastructures, to substantially help the economy, as was the case with the 2007 crisis.

Just as the government unveiled these optimistic figures, several provinces have come forward to "confess" that they inflated their GDP (like Liaoning) or their tax receipts (like Baotou), making everyone doubtful of the reality of the figures.

According to Paul Gruenwald, Chief Economist of Standard & Poor's Global Rating, China should give less importance to GDP growth and focus more on the reforms of its industries, especially the state ones, which absorb high levels of credit.

The International Monetary Fund has long warned Beijing of increasing debt, which has reached 234% of total production.

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