Is China actually bankrupt?
18 November 2011
A Chinese economics professor has declared China bankrupt.
In a four hour speech reported (more briefly!) on Youtube, Professor Lang Xianping, has said that the Chinese Communist Party’s official published growth rate of 9.1% and its inflation rate of 6.2% are false. Instead, he says, China is bankrupt. Growth is less than 3%, inflation is 16% and GDP is negative at -7%!
He said that China entered recession in July 2011 before the U.S. and Europe, but that no-one is allowed to report it.
