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Communist China Admits Fake Data Fraud Hides Massive Debt

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China Admits To Fake Data (Again) - Hidden Debt & Inflated Revenues | Zero Hedge

It's not the first time (and it won't be the last), but a recent nationwide audit found some local governments inflated revenue levels and raised debt illegally, once again crushing China's credibility on the global stage when it comes to economic performance.

The findings are a blow to China's bid to rein in data fraud, which has been widespread in some of the poorer provinces where officials were incentivized to inflate the numbers as a way of advancing their careers.

Concern from investors wanting to be able to trust data out of the world's second-largest economy led to the government trying to crack down on the practice, with President Xi Jinping saying in March that data fraud "must be throttled," according to the state-run Xinhua News Agency....

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