Several local officials in China's Northeast region admitted they
had faked economic data in the past few years to show high growth
when the real numbers were much lower,
the China Daily website reported, citing the
state-owned Xinhua News Agency.
"If the past data had not been inflated, the current growth figures
would not show such a precipitous fall," one official was quoted as
saying.
Officials in the region acknowledged they had overstated data
ranging from fiscal revenue and household income to GDP, according
to the report.
Liaoning province's GDP growth was reported at 9.5 percent three
years ago and its current figure is 2.7 percent. Jilin's growth was
reported at 12 percent three years ago, but its current rate is 6.3
percent in the same period.
Meanwhile, China's yuan continued to tumble Friday after the
People's Bank of China announced it would move away from its peg
of the yuan to the U.S. dollar and instead measure it against a
basket of currencies of its major trading partners to better
reflect market realities.
The government sets the rate daily on the yuan, also known as
the renminbi, which is currently trading within a two percent
margin against the dollar, the AFP news agency reported.
"The bilateral renminbi-U.S. dollar exchange rate is not
considered a good indicator of the international parity of
tradable goods," the bank said in a note on its website.
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