👉China faces its Biggest Economic Shock since the 2008 Crisis !! 👉 Subscribe to my Backup Channels :
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China’s economy was already imploding before this pandemic. China’s debt is 400% of GDP, debt-fueled infrastructure and the real estate bubble has ground things to a halt; overcapacity is contributing to job losses even in coastal cities, Forex reserves are all but depleted and direct foreign investment has been jumping ship for cheaper labor sources like Vietnam. This is already beginning to forestall many small business loans and will knock on to the mortgage sector and consumer economy in due time.
Today, local governments in less-affected regions pushed companies and factories to return to work, typically by assigning concrete targets to district officials. Company insiders and local civil servants affirmed that, under pressure to fulfill quotas they could not otherwise meet, they deftly did what China always does when in a bind - cooking the books.
This is how a very desperate China is scrambling to give the world the impression that all is well: leaving lights and air conditioners on all day long in empty offices, turning on manufacturing equipment, faking staff rosters and even coaching factory workers to lie to inspectors are just some of the ways they helped manufacture flashy statistics on the resumption of business for local governments to report up the chain.
Local companies and officials are fraudulently boosting electricity consumption and other metrics in order to meet tough new back-to-work targets.
The Chinese government is expelling foreign journalists ......instead of fixing BIG PROBLEMS, they worry ONLY about SAVING THEIR FACE.
They are afraid of the party losing legitimacy.
They are lying. They are cooking the numbers.
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