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China punishes local officials for falsifying economic data -Breaking

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© Reuters. FILEPHOTO: The Chinese National Flag is displayed on a Beijing building that bears signs of both the Hong Kong & Macau Affairs Office of China and the National Bureau of Statistics. This was taken in Beijing, China, August 12, 2019. REUTERS/Huizhong Wu

BEIJING (Reuters – China has deported or dismissed a group of officials in China for falsifying financial data. The move was made as part of an initiative to combat data fraud and economic collapse.

After conducting data inspections in many cities, including Xingtai, Jiaozuo, Henan, Bijie, and Anshun, the National Bureau of Statistics (NBS), found data violations between 2020 and 2021, according to the bureau’s statement posted on their website.

After discovering that some data it had on fixed-asset investments, industrial output and wholesale sales was “seriously incorrect”, authorities in Hebei punished 45 officials from Xingtai.

According to it, 38 Henan authorities have been disciplined for data violation and Guizhou has handed similar sanctions to 22. This refers to promotions or dismissals.

China’s anti-graft regulator pledged in March to intensify scrutiny of its statistics agency, and address the “outstanding issues” related to data falsification and fraud.

China’s economy is suffering from strict COVID-19 control. Many private sector economists expect the country’s gross domestic product (GDP) to shrink in the quarter of April-June.

On Wednesday, Premier Li Keqiang declared that China will aim to attain reasonable economic growth during the second quarter. He also stated that China intends to reduce rising unemployment.

Li pledged that the local economic indicators for the second quarter will be published in accordance to laws and regulations.

Global skepticism has been longstanding about Chinese data reliability, particularly as China’s government sought to reduce market fears of an imminent slowdown.

China set a target for economic growth of 5.5% annually this year, but economists now believe it is increasingly impossible to achieve.

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