China’s economic data needs to be ‘richer’ to boost transparency, investor confidence
- Shenwan Hongyuan Securities’ chief economist Yang Chengzhang says China needs ‘richer sources of statistics and information’
- Chinese People’s Political Consultative Conference member calls for releases from tertiary and research institutions, industrial associations and the media
Beijing should be more forthcoming about China’s economic statistics and release data more often to enhance transparency to reflect the dimensions and diversity of the world’s second-largest economy and address investor concerns, a government adviser has urged.
“For the sake of the stable, long-term development of capital markets, we need richer sources of statistics and information,” said Yang Chengzhang, the chief economist with top brokerage firm Shenwan Hongyuan Securities.
Yang is also a member of the Chinese People’s Political Consultative Conference, China’s top political advisory body.
Comprehensive and up-to-date data could help avoid shocks and guide enterprises to form reasonable expectations of growth, Yang said on the sidelines of the “two sessions” legislative meetings, the Shanghai-based The Paper reported on Monday.
China is often criticised for withholding the release of some statistics, while mandating state media paint a rosy economic outlook, triggering concerns from foreign investors, economists and business chambers.
