Xi Demands Fact-Based Economic Planning Amid Debt Warnings
Chinese President Xi Jinping has ordered economists to prioritize real-time data over superficial growth metrics, signaling a crackdown on inflated reporting and wasteful projects. Speaking to officials, Xi emphasized 'solid, genuine' development, criticizing vanity projects like unused industrial parks and staged construction kickoffs as counterproductive to sustainable growth.
The directive comes as China faces tightening fiscal constraints, with rising local debt limiting stimulus options. Xi warned that officials pursuing 'reckless' plans or 'excessive demands' will face accountability, stressing that GDP alone cannot measure performance. The remarks underscore Beijing's growing focus on qualitative metrics amid skepticism about the accuracy of controlled economic data.
