HONG KONG -- Two outspoken Chinese economists have struck a chord with speeches arguing that official data fails to capture the country's woes, challenging Beijing's efforts to paint a "bright" picture of the world's second-largest economy.
China likely overstated its gross domestic product by 10 percentage points over the past three years, said Gao Shanwen, chief economist at SDIC Securities, who has advised Chinese policymakers in the past. Meanwhile, he said that a total of 47 million people were unable to find formal jobs during the same period, suggesting a massive undercounting of joblessness, according to a transcript of his speech.
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