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http://money.cnn.com/2017/01/18/news/economy/china-province-falsified-economic-data/

Chinese province admits falsifying economic data for years

by Sherisse Pham @SherisseJanuary 18, 2017: 9:16 AM ET
China: The 'other' economic indicators
dose of skepticism. But Chen's admission is particularly candid.

Related: The $13 trillion question: How fast are India and China really growing?

In some cases, officials inflated government income by more than 100%, according to Xinhua. Revenue for one Liaoning county was reported to be 2.4 billion yuan ($350 million) in 2013, but an audit office later corrected it to 1.1 billion yuan ($160 million).

Central government inspectors warned Liaoning officials of "the prevalence of economic data fraud" back in 2014.


Liaoning's heavy industries have weighed down the province's economy recently.


The province's numbers aren't looking so good anymore. It reported last year that its economy was shrinking as traditional industries suffered.

It had the worst performing economy out of 31 regions across China in the first quarter of 2016, according to Xinhua.

"Our province failed to meet the expected targets," Chen said of Liaoning's disappointing recent figures. The province has a population of 43 million, bigger than that of California.

Related: China's economy holds steady -- but for how long?

China's overall economy expanded 6.7% in the third quarter of 2016, right in line with the previous two quarters. Economists expect it to have grown at a similar pace in the fourth quarter, too.

Some analysts who are dubious about China's remarkably smooth numbers turn to proxy measures to gauge the health of the economy. They look at electricity output, freight shipments and seaport cargo volumes.

China replaced the head of its National Statistics Bureau last year.

The new chief, Ning Jizhe, said last month that the falsification of local statistics still happens in some areas from time to time, warning of heavy punishment for those who fake official figures.
 

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Kicking Away the Ladder: The “Real” History of Free Trade
5. Lessons for the Present

"The historical picture is clear. When they were trying to catch up with the frontier economies, the NDCs used interventionist trade and industrial policies in order to promote their infant industries. The forms of these policies and the emphases among them may have been differ￾ent across countries, but there is no denying that they actively used such policies. And, in relative terms (that is, taking into account the productivity gap with the more advanced countries), many of them actually protected their industries a lot more heavily than what the currently developing countries have done.

If this is the case, the current orthodoxy advocating free trade and laissez-faire industrial policies seems at odds with historical experience, and the developed countries that propagate such a view seem to be indeed “kicking away the ladder” that they used in order to climb up to where they are.

The only possible way for the developed countries to counter this accusation of “ladder-kicking” will be to argue that the activist trade and industrial policies that they had pursued used to be beneficial for economic development but are not so any more, because “times have changed.” Apart from the paucity of convincing reasons why this may be the case, the poor growth records of the developing countries over the last two decades makes this line of defense simply untenable. It depends on the data we use, but roughly speaking, per capita income in developing countries grew at 3% per year between 1960 and 1980, but has grown only at about 1.5% between 1980 and 2000. And even this 1.5% will be reduced to 1%, if we take out India and China, which have not pursued lib￾eral trade and industrial policies recommended by the developed countries."
 

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I Can Has EBT?
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Another crooked politician busted.

A jury found former Congresswoman Corrine Brown guilty on 18 counts of a 24 indictment Thursday, bringing an end to the 30-year political career of one of the region's most recognizable politicians.

The verdict capped eight days of testimony, nearly 50 witnesses and more than a hundreds of pieces of evidence introduced at trial. The jury deliberated for MORE THAN two days at the federal courthouse in downtown Jacksonville before returning its verdict.

Brown was found guilty of 1, 2, 4, 6 - 13, 15, 17, 19, 21 - 24 She was found guilty on charges of Conspiring to commit mail/wire fraud, filing false tax returns, and lying on financial disclosure forms and working to obstruct the IRS.

Brown was stoic and stared straight ahead as the verdict was being read.
http://www.firstcoastnews.com/news/politics/hold-for-review-corrine-brown-found-guilty-of-some-charges/438541602
 

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https://finance.yahoo.com/news/live-october-jobs-report-121129079.html

The October jobs report is out and it’s a slight miss.

The U.S. economy added 261,000 jobs in October while the unemployment rate fell again to 4.1%, according to the latest figures from the Bureau of Labor Statistics.

This is the lowest unemployment rate since December 2000.
 
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