Drumbeat: June 23, 2012

theoildrum.com 23 Jun '12, 12pm

Drumbeat: June 23, 2012

Posted by Leanan on June 23, 2012 - 10:53am Chinese Data Mask Depth of Slowdown, Executives Say Hong Kong. As the Chinese economy continues to sputter, prominent corporate executives in China and Western economists say there is evidence that local and provincial officials are falsifying economic statistics to disguise the true depth of the troubles. Record-setting mountains of excess coal have accumulated at the country's biggest storage areas because power plants are burning less coal in the face of tumbling electricity demand. But local and provincial government officials have forced plant managers not to report to Beijing the full extent of the slowdown, power sector executives said. Electricity production and consumption are considered a telltale sign of a wide variety of economic activity, and thus are widely viewed by foreign investors and even some Chinese officials...

Full article: http://www.theoildrum.com/node/9282

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