China’s Xinhua news agency is no paragon of truth-telling. But even by its own standards of propaganda, the airbrushing of comments by the finance minister was a brazen attempt at rewriting history.
Lou Jiwei, the minister, stunned observers last week when he said at a news conference that China was aiming for 7 per cent growth this year. This figure was half a percentage point below the government’s official target, a seemingly small difference but one that opened a chasm in terms of policy.
The lower target was taken to imply that Beijing was unperturbed by the current economic slowdown, and pleas for stimulus from companies and local officials facing bankruptcies and debt defaults would go unanswered.
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