Most of China’s Economic Data is Fake

China reported remarkable economic growth of 5.4 percent in the first quarter of 2025. Its growth is fascinating, since it far outstripped all large economies.

It is also noteworthy because it comes amid China’s collapsing real estate bubble, stagnant growth in its second-largest export market (Europe), negative growth in its top export market (the U.S.), falling domestic population and deflation.