China to crack down on fake data ‘corruption’: Statistics chief

China to crack down on fake data ‘corruption’: Statistics chief

Wednesday, February 12, 2014 – 17:09

Reuters

BEIJING – China will step up efforts to investigate and punish any cases of falsified statistics, the country’s chief statistician said in remarks published on Wednesday, highlighting the issue of reliability of Chinese data.

The accuracy of economic statistics in general in China has come under the spotlight in recent years as some growth-obsessed local governments published false economic data.

“In the area of statistics, falsification can be considered as the biggest form of corruption,” Ma Jiantang, head of the National Bureau of Statistics told a meeting, in a reference to the Chinese government’s broader crackdown on corruption.

“We must seriously investigate and punish such corruption cases,” Ma was quoted as saying in a statement on the agency’s website, www.stats.gov.cn.

The comments were published on the same day as official figures showed a surge in exports in January far above expectations, prompting speculation about a return of the practice of disguising currency speculation as trade that had distorted trade figures last year.

The statistics bureau has previously vowed zero tolerance for fake data, and has admonished some local governments for falsifying economic data.

The most recent case was in December, when officials in Yanting county in the southwestern province of Sichuan were found to have had overstated almost fivefold the value of industrial output from local companies.

Part of the problem is a traditional system whereby local government officials seek to burnish their credentials and promotion prospects by exceeding government targets for economic growth.

China’s leaders have embarked on a high-profile campaign against corruption at all levels, warning that it threatens the survival of the ruling Communist Party.

 

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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