China’s Flawed Balance-of-Payments Position
The balance-of-payments figures that Chinese authorities released in April should have caused widespread alarm. The data adjusted China’s 2011 investment-income deficit from $26.8 billion to $85.3 billion – a massive revision that casts doubt on the reliability of official statistics and exposes the economy's flawed growth path.
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BEIJING – The balance-of-payments figures that China’s State Administration of Foreign Exchange (SAFE) released in April should have triggered serious concern, if not alarm. The data adjusted China’s investment-income deficit for 2011 from $26.8 billion to $85.3 billion – a massive revision that casts doubt on the reliability of China’s balance-of-payments statistics and exposes a flaw in the economy’s growth path. But few people seem to care.