From Business Spectator
By Stephen Koukoulas
''When I was working in Treasury a few years ago, a colleague told the story of his official visit to China. He was speaking to his Chinese counterpart in the economic forecasting section and was marvelling at the accuracy of the economic forecasts of the Chinese government. He said to his Chinese friend, “your forecasts are remarkably accurate. For GDP and inflation you are never out by more than 0.1 or 0.2 percentage points. Quite often, you are spot on. How do you do it?”
Without an overt hint of discomfort or irony, the Chinese economist answered: “John – not only do we make the forecasts, but we also compile the data."
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