The embattled Chinese property giant has reported its long overdue earnings for 2021 and 2022.
      • freagle@lemmygrad.ml
        54·
        1 year ago

        You do realize that there is a financial sector that invests both domestically and internationally? If literally everything was unreliable, it would be nigh impossible for investors to turn a profit.

          • freagle@lemmygrad.ml
            28·
            1 year ago

            The “discrepancies” you refer in this state-sponsored research paper published by a hostile, violent, authoritarian, genocidal, regressive, and oppressive regime that has held power in its country for decades is hardly to be trusted at face value. This authoritarian country has a cultural history of lying, cheating, and manipulating the truth for their own personal and racist objectives. It’ll take a long time before a country like that will be civilized enough to be trustworthy. That said, if you actually READ the report, it talks about primarily logistical issues, 2 political events (GLF and Tienanmen) that have absolutely nothing to do with the trustworthiness of the their data but rather are quite literally propagandistic elements to make the reader BELIEVE that Chinese reporting is somehow more untrustworthy than the author’s of the paper when when the number of examples of falsified data coming out of their own country could fill multiple volumes.

            Meanwhile, most of the report is about potential discrepancies, not actual discrepancies, with very few examples peppered throughout to make it seem like they’re saying more than they are.

            At the same time, China literally publishes five-year plans, executes on them, reports on them every year, then publishes new five-year plans. How much more transparent than literally every other nation on the planet could China be before you admit you’re wrong? Do they need to build a massive surveillance project and ghettoize all of their lumpen so they can get you accurate population counts like the North Atlantic countries do?

            • morry040@kbin.social
              4·
              1 year ago

              Regarding transparency, governments such as the US, UK, and Australia publish not only the results of metrics like inflation but also the methodology applied to determine the results.
              https://www.bls.gov/cpi/methods-overview.htm
              https://www.ons.gov.uk/economy/inflationandpriceindices#methodology
              https://www.abs.gov.au/methodologies/consumer-price-index-australia-methodology/mar-quarter-2023

              Can you direct me to the resource where I can find a similar level of detail for the Chinese economy?

              • freagle@lemmygrad.ml
                17·
                1 year ago

                Nope. Why are those specific metrics more important than 5-year plans? What makes it “more transparent” instead of simply “more accurate”? Who are the publications for? Private investors trying to make a profit? Is it possible that China isn’t willing to put as much effort into reporting for that purpose? Why can’t the US, UK, and Australia publish 5-year plans?

                • morry040@kbin.social
                  11·
                  1 year ago

                  Why are those specific metrics more important than 5-year plans?

                  Because a plan is just an intention or wishful thinking. Inflation data is an actual, measurable result.

                  Inflation data is one of the most common economic measurements and it can be reasonably expected that every country should be able to not only report on the inflation metric itself, but provide details on the measurement and the methodology used so that every country, globally, knows that the metric reported by each country is transparent and credible. Understanding the methodology then allows analysts to investigate the underlying drivers of the inflation result, confirm its accuracy, and compare it between countries by using similar methodologies.

                  Simply put, if a country can’t provide detailed explanations on how they determine an important metric like inflation, then what does that suggest about other metrics or results that they share?

        • HobbitFoot @thelemmy.club
          26·
          1 year ago

          There is a financial sector in China, but the sector is much smaller than other countries because it is considered less trustworthy.

    • MustrumR@kbin.social
      169·
      1 year ago

      Probably far less than it is. Number sheets coming from any non easily verifiable, complicated reporting made in China are an estimate in the favor of the reporter. Cheating one another and especially the system is a national sport.

      • freagle@lemmygrad.ml
        1611·
        1 year ago

        What a fucking racist sinophobic thing to say after the North Atlantic has experienced the LIBOR scandal, the Madoff scandal, the Enron scandal, the 2008 subprime scandal, the Theranos scandal, the FTX scandal, the Volkswagen Dieselgate scandal, the drug money laundering scandal, the WorldCom scandal, the Wirecard scandal, the Hurricane Katrina fraud, the multiple COVID profiteering fraud, the revelations in the Panama Paper, the revelations in the Swiss Leaks, the revelations in the Paradise Papers, the revelations in the Bahamas Leaks, the revelations in the FinCEN files, the revelations in the Pandora Papers, the revelations in the Suisse Secrets, the Qatargate scandal, the WeWork scandal, the Jack Abramoff scandals, the kids-for-cash scandal…

        And this doesn’t even get into the bog standard behavior of market manipulation by hedge funds, the theft of property from citizens by police rivaling and sometimes exceeding the annual theft of property by criminals, the billions in annual wage theft, the behavior of the North Atlantic multi-national oil companies, the behavior of the North Atlantic coal companies, the behavior of the North Atlantic weapons manufactures, the behavior of the North Atlantic war-chasing reconstruction consultants, the behavior of American monopolists, the insider trading of American politicians, the billions in legal bribery we call lobbying, Forbes literally writing an article that it was impossible to keep up with all the corporate accounting scandals so they tried to make a running list and just stopped updating it in 2002.

        Fuck off with your bigoted bullshit.