The significance of Apple’s results is partly that it sheds a tiny bit of light on what’s really going on in China – and how that might affect other firms and economies – in a country where top-line economic data given by the government are murky at best and fudged at worst.
Although Chinese officials report that GDP have been growing at more than 6 per cent a year for a few years, “it looks truly like some sixth grader got out their ruler and drew a straight line with a slight downward slant,” said Christopher Balding, an expert on the Chinese economy at Fulbright University in Vietnam. “It’s totally unrealistic.”
As worries have mounted in recent months, top financial regulators have held meetings with economists at banks and brokerages to instruct them to take into account the interests of the Communist Party when they publish economic analyses — an apparent euphemism for holding back alarming language, Bloomberg reported in November.
But over the past 12 months, bits and pieces of data coming out have been precisely that: alarming.
Boldfaced emphasis added by me.
To all the China disinfo agents: Bite me.
The truth comes out no matter what wishful thinking your regime conjures up. Did they learn nothing from the truth revealed from the defunct Soviet Union? This isn’t the age of Stalin. It’s a highly-connected world that not even your Great Firewall can block. And your country needs the currency inflow from the world. Because that’s how the entire world works now. Ignore that and you’ll wind up like North Korea or Cuba. And that will spark a domestic rage and a counter-revolution you’ll never be able to stop or contain. So wake up.
And start cooperating with the global health network.