Back
27 Jan 2016
Evidence of China fake invoicing re-emerges
FXStreet (Bali) - As Bloomberg reports, wider China-Hong Kong discrepancy has reviced fake trade doubts, after a major increase in China's December trade with H.K., which saw the gap between Chinese and Hong Kong data widen to its highest since March 2013.
The suspicion comes on the back of surprisingly strong trade data numbers in December released a few weeks ago, and at a time when China had the imperial necessity to prove its economic slowdown was overstated, which would potentially assist to stabilize the rout in its stock market, capital outflows or the relentless bets against the Chinese Yuan. Besides, the fact that China’s statistics chief has been detained in graft investigation, in news published earlier today, only reinforces the notion that fake invoicing remains a real issue, and was inflated artificially.
As Bloomberg writes: "China recorded $1.94 of exports to Hong Kong last month for every $1 in imports Hong Kong registered from the mainland, leading to a $22.3 billion difference between the two data sets, according to Bloomberg calculations. That’s the highest gap in both dollar terms and by ratio since March 2013."
"Tuesday’s data from the Hong Kong Government Information Center tallied imports in the territory from the mainland at HK$183.7 billion ($23.7 billion) in December. On Jan. 13, the Beijing-based Customs General Administration announced December trade data showing shipments to Hong Kong had surged 10.8 percent from a year earlier to $46 billion."
The suspicion comes on the back of surprisingly strong trade data numbers in December released a few weeks ago, and at a time when China had the imperial necessity to prove its economic slowdown was overstated, which would potentially assist to stabilize the rout in its stock market, capital outflows or the relentless bets against the Chinese Yuan. Besides, the fact that China’s statistics chief has been detained in graft investigation, in news published earlier today, only reinforces the notion that fake invoicing remains a real issue, and was inflated artificially.
As Bloomberg writes: "China recorded $1.94 of exports to Hong Kong last month for every $1 in imports Hong Kong registered from the mainland, leading to a $22.3 billion difference between the two data sets, according to Bloomberg calculations. That’s the highest gap in both dollar terms and by ratio since March 2013."
"Tuesday’s data from the Hong Kong Government Information Center tallied imports in the territory from the mainland at HK$183.7 billion ($23.7 billion) in December. On Jan. 13, the Beijing-based Customs General Administration announced December trade data showing shipments to Hong Kong had surged 10.8 percent from a year earlier to $46 billion."