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Local government officials in China are promoted / demoted based on local GDP growth. This incentivizes them to increase local industry and also to fluff up est
by ravel-bar-foo 4y ago
Local government officials in China are promoted / demoted based on local GDP growth. This incentivizes them to increase local industry and also to fluff up estimates of local industrial output.
Repeat across the entire country for 20 years at every level of government, and as a result it is now estimated that China's actual GDP is half of its official GDP.