Source: Joe Hoft
China announced they will have a 5.5% increase in GDP in 2022. These numbers at first glance appear ridiculous. They remind us of the China of old where measurements meant nothing.
A recent report shows that the property market crisis in China is worsening.
China's property crisis worsens, with data showing sales at the 100 biggest builders sank 47% in February y/y, worse than January. And there's a *big* bond bill to pay this month. 6/10https://t.co/c2RPqrFFgO— Sofia Horta e Costa (@SofiaHCBBG) March 4, 2022
Yet China says that its GDP will increase by 5.5% in 2022.
China has set its lowest annual GDP target in decades, as premier Li Keqiang warned of a “grave and uncertain” outlook against the backdrop of the coronavirus, a slowing economy and the war in Ukraine.
Li announced on Saturday the unusually modest target of about 5.5% growth for 2022 – the lowest since 1991 – in an address to about 3,000 members of the National People’s Congress in Beijing’s cavernous Great Hall of the People.
This does not seem possible. But last year’s GDP appeared to be overstated as well.
It seems China is back to reporting crazy numbers like in the days of Mao. That’s the fruits of communism, where nothing is true and nothing can be trusted.