Economic output in China’s northeastern industrial province of Liaoning shrank by 23 per cent in nominal terms last year, according to official statistics — showing the extent to which officials had previously exaggerated performance in China’s struggling rust-belt.For everyone who likes to point out Chinese GDP is almost useless, I will reiterate that this issue was made clear at least as early as 2014 because real estate investment data (to name one data set) was not cooked.
The sudden drop in provincial gross domestic product is only partly due to a fall in the real economy — in inflation adjusted terms, GDP fell by 2.5 per cent according to the national statistics bureau.
Liaoning Sounds Warning on Chinese Economy
The yoy cumulative growth rate nationally was 12.5% as in the list above. The yoy national growth rate for the month of September alone was 8.6%. For Liaoning, it was negative 41%.