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How China Cooks Its Books

It's an open secret that China has doctored its economic and financial statistics since the time of Mao. But could it all go south now?
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In February, local Chinese Labor Ministry officials came to "help" with massive layoffs at an electronics factory in Guangdong province, China. The owner of the factory felt nervous having government officials there, but kept his mouth shut. Who was he to complain that the officials were breaking the law by interfering with the firings, he added. They were the law! And they ordered him to offer his workers what seemed like a pretty good deal: Accept the layoff and receive the legal severance package, or "resign" and get an even larger upfront payment.

"I would estimate around 70 percent of workers took the resignation deal. This is happening all over Guangdong," the factory owner said. "I help the Department of Labor,


Added: Oct-14-2009 Occurred On: Oct-13-2009
By: Jattdadanda
In:
News
Tags: How, China, Cooks, Its, Books, economy
Location: Livingston, New Jersey, United States (load item map)
Views: 7824 | Comments: 11 | Votes: 3 | Favorites: 2 | Shared: 0 | Updates: 0 | Times used in channels: 1
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  • I propose a repeal of NAFTA and a new 100% tarriff on ALL foreign products entering this country. They can get their $1.00 for their trinkets, only we will sell them for $2.00, therby allowing US mfg. a better shot at selling their products to Americans. Time to start getting this economy/manufactuing going in this country.

    Stop buying foreign products and continue the regression of the Chinese economy.

    Invest in America!!

    Posted Oct-14-2009 By 

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    • Oddly enough, this economic crash might actually accomplish that. The devaluing of the US dollar means imports are going to rise dramatically in price making foreign labor and products much less competitive. It could mean that we as a nation bring back jobs to the US and rely more on internal production than external imports.

      Yes, we'll pay more for everything, but thats what tariffs would do anyway right? The global equalization in comparative economic strength could actually be a hidden More..

      Posted Oct-14-2009 By 

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  • What if civil war happened in China?

    Posted Oct-14-2009 By 

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    • Hopefully they kill themselves.

      Posted Oct-15-2009 By 

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    • wiki 'taiping rebellion' second most destructive war in history with over 600 cities wiped off the map and over 25 million people killed (8 million more than the whole of WW1). all because one man thought himself to be the younger brother of jesus christ.

      when shit happens in china, it does so in a big way.

      Posted Nov-9-2009 By 

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  • by sending all our heavy industry, factories, manufacturing plants etc... to those bastards we put the dagger in our own heart. what kind of stupid morons ever thought it was a good idea to outsource so much to our enemies and even other "developing" countries while gutting our own economy.

    screw globalism, destroy the zog and end the fed!

    Posted Oct-14-2009 By 

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    • I own a manufacturing business in pacific northwest, Its sickening how much time i spend with my lawyer fighting with fire authority, city planning, puget sound air quality agency, etc etc, if it made economic sense i would have moved my company over seas long ago.

      Posted Oct-18-2009 By 

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  • China, the next sink hole.

    Posted Oct-15-2009 By 

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  • his chain fell off

    Posted Oct-14-2009 By 

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  • Is this just China?

    Posted Oct-14-2009 By 

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