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Chinese economist Gao Shanwen told a Washington panel in December that China's real GDP growth might be around 2% rather than the official figure near 5%. By January, Gao was no longer chief economist at SDIC Securities and went silent for almost a year. As FT points out in a long piece, China does not publish quarterly GDP breakdowns showing consumption, investment and net exports. Every other major economy produces these figures. The IMF in 2024 gave China a C grade for national accounts. The rating puts China on par with India and below Vietnam. Fixed asset investment data showed negative growth in 2025 for only the second time in decades. Property investment has fallen consistently since 2022. But official GDP investment data shows no signs of declining. The National Bureau of Statistics stopped publishing sectoral breakdowns of fixed asset investment in 2018. It discontinued a price series in 2021 and a land sales series in 2023. Beijing has restricted researcher access rather than addressing longstanding questions about data quality. China says it disagrees with the IMF's C rating. The government argued its production-side GDP approach is appropriate. Why does it matter? China is too large and too interconnected with the global economy for unreliable data to be a purely domestic issue. The lack of transparency creates problems for everyone trying to make decisions based on understanding China's economic trajectory. As Eswar Prasad, a professor at Cornell University and former IMF official, told FT: China is one of the two biggest economies in the world. "It would be nice to know what is really going on."

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