China Caught FAKING EXPORT NUMBERS!

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1 - 15 of 15 Comments Last updated Apr 11, 2013
OCCUPY TIANNANMEN

Port Moody, Canada

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#1
Apr 4, 2013
 
China's Export Boom That Wasn't

A close reading of the numbers suggests accounting tricks have played a significant role in China's economic data.

Naomi Rovnick Apr 4 2013, 11:24 AM ET

Chinese government figures showing a 19.8 percent rise in the country's exports for the three months to February were definitely puzzling. Due to lackluster demand from the U.S. and Europe, and banks being unwilling to lend to small businesses, the nation's factories are not, on the face of it, doing very well.

The glowing recent export figures do not match corresponding import data from Hong Kong, which is often the first destination for Chinese-made goods as they leave the mainland. The Wall Street Journal notes that while this is not the first time such a discrepancy has occurred, the mismatch for the three months through February was "greater than at any other time in recent years."

That will not surprise regular readers of Quartz. We commented in early February that a reported 25 percent rise in Chinese exports for January was more likely a case of heightened tax and invoicing fraud than anything to do with the real economy.

The nation's trade data is often riddled with fakery. Chinese factories sometimes mislabel domestic sales as exports to falsely claim VAT rebates on overseas sales.

Another common reason manufacturers fake exports is that they are colluding with someone who wants to move foreign currency into China, perhaps to take advantage of the nation's red hot property market.

The nation's currency is tightly controlled, and foreign investors must jump through a daunting series of bureaucratic hoops to get money in. But partnering up with a factory owner who is willing to fake some export invoices is a much faster way of illicitly getting cash into China.

The wheeze works thus: the exporter sends the businessman a fake invoice for goods. The businessman pays the invoice by depositing dollars in the manufacturer's offshore bank account. The manufacturer then uses the export paperwork to get permission from his bank to convert the dollars into Chinese yuan. The factory owner may also get a fee from the investor, and can collect a VAT rebate on top.

Selling counterfeit invoices is a huge business in mainland China. Last year police in Chengdu, western China, cracked a counterfeit invoicing ring that may have cost the government 10.6 billion RMB ($1.7 billion) in false tax rebates.

So while glowing export figures burnish China's reputation as a healthy economy, trade fraud costs the government money it could otherwise spend on its people.
It is Amazing

Kuala Lumpur, Malaysia

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#2
Apr 7, 2013
 
The only nation caught ReD Handed and on the spot was India about 10 years ago... USA was also a suspect but is merely hearsays like everything else...

You are getting sicker by the days...

You need to see a headshrinker soon before you hurt yourself and others...

All mass killer in North American started that way. The symptoms are all there there but were disguised.

It is pretty obvious, the way things is for you, you will need to see the oncologist to see if the symptom has lead to something more serious!

So many negative posting and bad wishes in a single day and every day will finally takes its tool on you.

We are so THANKFUL we ain't you. Poor Poor Mirotard.
OCCUPY TIANNANMEN

Port Moody, Canada

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#3
Apr 8, 2013
 
"The nation's trade data is often riddled with fakery. Chinese factories sometimes mislabel domestic sales as exports to falsely claim VAT rebates on overseas sales. "

So, of course, the Wu Mao Dang make fake claims about India!

So WEAK, these CCP lackeys!

The Chinese Communist Party is OBVIOUSLY DYING.
Truth

UK

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#4
Apr 8, 2013
 
So America has somewhere along the line been lying about its economic condition as well.
OCCUPY TIANNANMEN

Port Moody, Canada

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#5
Apr 8, 2013
 
Is THAT the only thing that exists in the heads of you Wu Mao weaklings?

Make some unsubstantiated claim that "everybody is doing it" to avoid having to face the TRUTH about China? Everyone knows the financial data on US trade is accurate and can be discussed freely because the US is not AFRAID and WEAK like the CCP regime!

Everyone knows that the Stalinist lies of the CCP have been going on for 60 years and are FAR, FAR WORSE than ANY OTHER COUNTRY's misinformation except perhaps Stalin's USSR, Hitler's Germany, or Pol Pot's Cambodia!

What WEAK CLOWNS these CCP are!
It is Amazing

Kuala Lumpur, Malaysia

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#7
Apr 8, 2013
 
OCCUPY TIANNANMEN wrote:
Is THAT the only thing that exists in the heads of you Wu Mao weaklings?
Make some unsubstantiated claim that "everybody is doing it" to avoid having to face the TRUTH about China? Everyone knows the financial data on US trade is accurate and can be discussed freely because the US is not AFRAID and WEAK like the CCP regime!
Everyone knows that the Stalinist lies of the CCP have been going on for 60 years and are FAR, FAR WORSE than ANY OTHER COUNTRY's misinformation except perhaps Stalin's USSR, Hitler's Germany, or Pol Pot's Cambodia!
What WEAK CLOWNS these CCP are!
Posting all this irrelevant stuff, talking and laughing to yourself...

That all we need to committed you to a MENTAL INSTITUTION!
OVERTHROW the CCP PIGS

Surrey, Canada

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#8
Apr 8, 2013
 

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^Yes, the CCP pays you Wu Mao Dang to hide the lies they use on the Chinese people, while you post the exact same comment hundreds of times like a sick, intellectually barren loser and traitor to China.
CHINA SPRING

Port Moody, Canada

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#9
Apr 10, 2013
 

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China Defends Export Data as the Latest Numbers Disappoint
By Dexter Roberts
April 10, 2013

The Mystery of China's Export Numbers

Story
China Exports Are Down, but Growth Is Still Up Video
IHS: China's Export Data Are `Absurd'
Video

Have China’s exports finally gotten real? After three months of torrid growth that many saw as in the realm of unbelievable, China’s March exports rose 10 percent, below the 11.7 percent economists had predicted, China’s customs announced April 10. Each of the three previous months, exports had exceeded expectations by at least 7.5 percentage points.

Despite the very significant step down from February growth of 21.8 percent, however, there is no reason to start fully trusting the trade data yet. The same anomaly of soaring shipments to Hong Kong that first surfaced last fall continues to be the mysterious driver of still strong export numbers.

Indeed, even as shipments to the U.S. and EU fell 7 percent and 14 percent, respectively, in March—explaining why headline growth did indeed come down—exports to Hong Kong grew a staggering 93 percent.“That is a very odd thing and hard to get your head around—not least because a lot of goods exported to Hong Kong are then usually reexported to the U.S. and the EU,” says Alistair Thornton, an economist at researcher IHS in Beijing. He estimates that exports have actually begun to contract.

That has Thornton and other economists wondering whether a significant portion of declared exports to Hong Kong may be businesses overinvoicing, to bring capital covertly into China to invest in the hot real estate market, as well as to benefit from a rising yuan. The problem of faked trade declarations “does exist but is definitely not mainstream,” said Zheng Yuesheng, a customs official at a briefing in Beijing on April 10. His agency has started to investigate whether official numbers on trade with Hong Kong hide illicit money flows, Zheng said.

That has implications for the overall economy, with first-quarter GDP growth expected to register 8 percent when it is announced on April 15.“This means one constituent of GDP is being inflated,” says Thornton.“And if companies are falsifying exports or even booking them early, then we can expect there to be some kind of payback later. That will detract from Chinese GDP growth over the rest of the year.”

http://www.businessweek.com/articles/2013-04-...
OVERTHROW the CCP PIGS

Surrey, Canada

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#10
Apr 10, 2013
 

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"even as shipments to the U.S. and EU fell 7 percent and 14 percent, respectively, in March—explaining why headline growth did indeed come down—exports to Hong Kong grew a staggering 93 percent..."

HA HA HA HA HA HA HA HA HA!
LATIN ASIA AFRO MID EAST

United States

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#11
Apr 10, 2013
 

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OCCUPY TIANNANMEN wrote:
"The nation's trade data is often riddled with fakery. Chinese factories sometimes mislabel domestic sales as exports to falsely claim VAT rebates on overseas sales. "
So, of course, the Wu Mao Dang make fake claims about India!
So WEAK, these CCP lackeys!
The Chinese Communist Party is OBVIOUSLY DYING.
USA NAFTA deal irked you Canadians, know about this/ I bet you clueless what our US NAFTA did to you CanADIans simpletons....! BWHAHAAHAHAHAHAHA JAJAJAAJAJAJar you JAR head!
OVERTHROW the CCP PIGS

Surrey, Canada

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#12
Apr 10, 2013
 

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^ uhhhh, yes, you ARE an idiot.
ASIA LATIN AFRO MID EAST

United States

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Apr 10, 2013
 

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OVERTHROW the CCP PIGS wrote:
^ uhhhh, yes, you ARE an idiot.
But you biggest one of moron on here ,, a facist war mongering Bimbo! and , not a commie, fYI! Miro lube Ya, y o so sexy baby fruitcake when you get incensed... MWBHAHAHAHAHA
OVERTHROW the CCP PIGS

Surrey, Canada

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#14
Apr 10, 2013
 
Ok, ok, you are a TOTAL idiot!

Happy now?

HA HA HA HA HA HA HA!
ASIA LATIN AFRO MID EAST

United States

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#15
Apr 10, 2013
 
OVERTHROW the CCP PIGS wrote:
Ok, ok, you are a TOTAL idiot!
Happy now?
HA HA HA HA HA HA HA!
You INfinitely the biggest Sexy Moron , loonie Fascist Miss Piggy ! Love yo so much , you smell ... WBHAHAHAHAHAHAHAH
OVERTHROW the CCP PIGS

Surrey, Canada

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#16
Apr 11, 2013
 
Whatever.

So why are you trying to HIDE the fact that the CCP regime FAKES economic data?

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