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China’s Fake Data, Hidden Debt, & Inflated Revenues

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(Via Zerohedge)

It’s not the first time (and it won’t be the last), but a recent nationwide audit found some local governments inflated revenue levels and raised debt illegally, once again crushing China’s credibility on the global stage when it comes to economic performance.

As Bloomberg reports, ten cities, counties or districts in the Yunnan, Hunan and Jilin provinces, as well as the southwestern city of Chongqing, inflated fiscal revenues by 1.55 billion yuan ($234 million), the National Audit Office said in a statement on its website dated Dec. 8.

The inspection, which covered the third quarter, also found that five cities or counties in the Jiangxi, Shaanxi, Gansu, Hunan and Hainan provinces raised about 6.43 billion yuan in debts by violating rules, such as offering commitment letters.

The findings are a blow to China’s bid to rein in data fraud, which has been widespread in some of the poorer provinces where officials were incentivized to inflate the numbers as a way of advancing their careers.

Concern from investors wanting to be able to trust data out of the world’s second-largest economy led to the government trying to crack down on the practice, with President Xi Jinping saying in March that data fraud “must be throttled,” according to the state-run Xinhua News Agency.

While historically investors would rapidly shrug this news off and buy more stocks, with Chinese sovereign bond yields near their Maginot Line of 4.00%, losing credibility could be critical.

A new supervisory body was set up within China’s statistics office in April to bolster and ensure data authenticity and quality.

The country is also shifting to the latest United Nations-based statistical standard and using computers — rather than local reports — to calculate provincial gross domestic product, the chief economist said in September.

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Europe

Mass Migration ‘Dangerous Failure’ Says Hungary Official

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Mass migration is dangerous not only regarding terrorism, public security, culture and social security, but also the whole healthcare system, State Secretary Bence Retvari told Hungarian daily Magyar Hirlap.

According to Retvari, European epidemiological organisations have recorded a significant rise of communicable diseases, including those which had already disappeared from Europe thanks to vaccinations. Such cases have been documented in Malta, Italy and even Germany. According to the German Robert Koch Institute, since 2015 there’s a 300% rise in Hepatitis B and measles, and a 200% in malaria and syphilis cases. The frequency of diseases of unknown origin has grown from 14 to 26%.

According to Retvari, by supporting the “migrant visa” (humanitarian visa), the European Parliament “gave green light to millions of illegal and economic migrants, bringing even more dangers to Europe.”

“If we compare how much would Brussels spend on integrating one immigrant in Europe, – which is clearly a failed attempt based on the experiences of the recent decades -, and how much it costs to restore a home in a crisis zone, it’s clear that with the same amount of money we can help a lot more people in their areas than in Europe,” Retvari stressed.

He reminded that with the Hungary Helps programme the government was able to help thousands of people to restart their lives in Iraq. “So this solution is better considering effectiveness, social peace and the actually persecuted people too,” he added. According to the politician, this is the solution chosen by those who really want to help, unlike the “hypocritical Brussels elite.”

(Read Article Here)

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Military

WATCH: Israel Blows Up Hamas TV Station

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(Via Zerohedge)

The escalation in violence began when earlier in the day Monday thousands of mourners in the Gaza Strip buried seven militants killed during the Israeli commando raid and accompanying aircraft cover fire that resulted in strikes on the strip, which further led to sporadic rocket fire from Hamas.

One Israeli soldier was reported killed during the high risk operation which reportedly involved the commandos entering Gaza by civilian car in order to take out a gathering of Hamas military leaders.

During the Gaza funeral the crowd chanted “revenge” amidst masked gunmen in camouflage.

Apparently that “revenge” came in the form of a mortar shell fired from Gaza which scored a direct hit on a bus in southern Israel, severely wounding a 19-year-old Israeli. According to multiple regional reports this was followed by a barrage of over 100 rockets fired from Gaza toward Israel within only an hour’s time. Israeli sources have reported multiple injuries and extensive damage from the rockets, many of which may have been intercepted by the Iron Dome missile defense system.

Read The Full Story Here

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World

South Africa Testing “Confiscation” Of White Land To Build Affordable Housing

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The debate about land redistribution in South Africa has been a passionate one, as many South African cities face a housing crunch that has left hundreds of thousands of people living in informal settlements. Just as this debate is starting to reach a fever pitch, one South African city, Ekurhuleni, is about to embark on what mayor Mzwandile Masina calls “a test case” for the nation: the government is going to seize hundreds of acres of land, from white citizens without paying for it, to build low-cost housing.

Last month, the city voted in favor of pushing forward with “expropriation without compensation”. According to ABC News, this was cited by the African National Congress as a legal rule that is necessary in order to distribute land equitably and correct “historic injustices” that took place in the country.

The mayor of Ekurhuleni stated the same thing, saying that landowners in South Africa should not be scared. Mayor Masina told AP: “Our policy is not to take the land by force. Our policy is to make sure the land is shared amongst those that need it.” It was unclear what those whom the land is taken from thought about this policy.

The total amount of land that’s going to be expropriated amounts to about 865 acres. The land is both private and government owned, and some of it has been vacant for decades. Masina, who heads the local ANC-led coalition, did not specify which landowners will be hit be the measure.

The internationally debated land reform was approved by South Africa’s ruling party to address the historic injustices of apartheid, and distribute land among the population more equitably. According to the country’s President Cyril Ramaphosa, over 77 percent of South African farms and agricultural holdings are owned by white citizens with only four percent of lands belonging to black South Africans. White citizens make up just nine percent of the country’s population, while black citizens account for 76 percent. This, to the ruling regime, is a green light to repossess land that has been owned by white citizens, in many cases for generations.

(Read Full Article)

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