Show us the numbers on China’s economic risks, former finance minister says
- Lou Jiwei says statistics should reflect the negatives and positives of the challenges the country faces
- Rosy statistical picture presented in the data a contrast to the leadership’s tone last week, he says
China’s economic data should reflect more of the country’s major problems rather than just presenting a rosy picture, according to outspoken former finance minister Lou Jiwei.
“There is not enough data showing the negative side,” he said.
“Compare it with the United States, where they have both positive and negative data.”
Why do we have the judgment of threefold pressure? Where is the data to support it? The numbers are all pretty good
Lou’s comments came a day after China’s top decision-makers and provincial heads ended a three-day meeting to set the economic priorities for the next year.
In the official statement after the meeting, the leadership warned that the country was facing “threefold pressure” – contraction of demand, supply shocks and weaker expectations.
The statement sounded a strong note of caution that was uncommon in the past and was in contrast to the robust readings of trade and factory activities for last month after both production and consumption figures beat market expectations in October.