Global News Insider

By Globinsider

According to a report in the Wall Street Journal, Gao Shenwen, a well-known economist and chief economist at SDIC Securities, has been banned from speaking publicly after making unprecedented comments about China’s GDP and economic policy. The comments were made during Gao’s recent trip to Washington. Gao Shenwen argued that the China’s GDP rose at highest at 2% annualy which goes against official government line of 5% GDP growth.

Gao said : We don’t know the true figures for China’s economic growth. <…> I would guess that over the last two or three years, the real figure [of GDP growth] may have averaged around 2%, although the official figure is closer to 5%. If I’m right, I think it would be more reasonable to expect a growth rate of 3% to 4% over the next three to five years. But the official figure will always be around 5%.

Official data from Chinese authorities suggest that the country’s economy grew by 5.2% in 2023 and will grow by about the same amount by the end of 2024.