On January 17, the National Bureau of Statistics of the Communist Party of China announced that China’s GDP growth for 2024 was 5%, meeting the official preset target. However, this figure sharply contrasts with the economic downturn and deteriorating livelihood that people have experienced over the past year. Both Chinese netizens and overseas Chinese communities have expressed skepticism and mockery towards this official data, with experts pointing out that these numbers are essentially “fabricated.”
The National Bureau of Statistics revealed that China’s GDP surpassed 13 trillion yuan for the first time in 2024, reaching 13.49 trillion yuan, representing a 5.0% growth from the previous year.
According to CCTV reports, the Director of the National Bureau of Statistics, Kang Yi, claimed that China’s economic scale remains the second-largest in the world, and the 5% growth rate places China among the top economies globally. He also emphasized that China’s contribution to global economic growth remains around 30%, positioning it as a significant driving force for the world economy.
Despite numerous praises on official media’s social media accounts, there were still plenty of skeptical and mocking comments from netizens on tightly regulated platforms:
– “It’s just a number without any real sense, even if they claimed a 10% growth, we wouldn’t be able to refute it.”
– “I’m living in poverty here.”
– “Numbers are just numbers, they don’t reflect reality.”
– “The statistics have lost their credibility.”
Over the past year, with China’s economy continuing to slide, failed stimulus policies, rising unemployment, downgraded consumption, and decreasing confidence in the future among the Chinese population have been observed. Many netizens have shared videos illustrating the bleak market conditions and the hardships faced by the people.
Liu Mengjun, the Director of the Institute of Economics at the China Institute of Economic Research in Taipei, raised concerns in an interview with Voice of America, pointing out discrepancies between the consumption performance data and the actual situation, questioning how China managed to maintain robust consumption performance amidst challenges like an aging population and a weakened real estate sector.
Liu also highlighted issues such as high unemployment rates among the youth and various indicators suggesting oversupply and declining consumption, which are not accurately reflected in China’s official economic data.
Experts and commentators have further criticized the Chinese government for setting unrealistic GDP growth targets and implementing extensive monetary, financial, housing, and economic stimulus measures annually, even for an economy growing at a 5% rate, raising doubts about the accuracy and credibility of the official statistics.
Amidst these criticisms, Gao Shanwen, Director of the China National Investment Industry Research Institute and Chief Economist of China Investment Securities, made controversial statements in December 2024, suggesting that China’s actual GDP growth rate could be around 2% rather than the official figure of nearly 5%. However, Gao was subsequently censored, with reports indicating that the Chinese authorities restricted numerous economists and analysts who publicly expressed dissenting views on the economy.
The ongoing saga surrounding the authenticity of China’s economic data has sparked debates and discussions among netizens and experts alike, with many expressing disbelief in the official figures and the government’s efforts to portray a rosy picture of the Chinese economy even amidst mounting challenges.