When it comes to economic miracles, no other country has pulled off quite as many as China — and economists are sceptical.
- China’s Premier Li Keqiang says GDP data is “unreliable” and “man made”
- Local bureaucrats have given overly-inflated GDP figures to get promotions
- China’s economy ($US14.7t) is much larger than Australia’s ($US1.3 trillion)
China’s most recent miracle was its breakneck recovery from COVID-19 (without falling into recession), while most other countries are struggling to even return to “normal”.
The Middle Kingdom has also come a long way since its days of extreme poverty, with the five-year period from 1958, known as the “Great Leap Forward“, being a particularly dark time.
Tens of millions of people died under Chairman Mao Zedong’s signature policy — which involved the state controlling most aspects of people’s lives and inefficient economic management.
It’s estimated that 15 million to 55 million…