Humberto Vacaflor writes in El Diario:
Communism and economy
The collapse of the stock and the flight of hundreds of Chinese companies from the stock market surprised many, but not to some US economists.
All, or almost all, we had grown accustomed to accept a monumental paradox when news came of the economic progress of China.
A stock exchange run by the Communist Party! A capitalist economy run by a Communist Party!
Now, little by little, is been discovered that many of the news on the Chinese economy were false. The growth rate was calculated in consultation with the political commissars of each region of China.
They, with the method of the oscillating fingers, said that growth was … percentage. And the central committee of the Chinese Communist Party pulled the average and announced the result. In a similar manner, was calculated how many thousands or millions of Chinese were lifted out of poverty.
The only certain thing, which was published by Forbes, is that the 50 richest Chinese from the parliamentary National Assembly have a joint fortune of 70,000 million dollars. To give an idea of magnitude, the magazine said the fortune of the 50 richest US parliamentarians, is not even half.
The method for calculating the Chinese growth resembles that used in other countries. Here, for example, in Bolivia, the Minister of Economy has announced that also next year there will be a second Christmas bonus, meaning he knows, since now, that the growth of the economy in 2016 will exceed 4.5%. In Argentina, the Kirchner family INDEC figures repeated inflation and growth figures received from their political party.
What we are seeing in China is that these lies burst at some point. We must be attentive in Bolivia.