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China Misses 3 Trillion Yuan But You Should Trust Inflation and GDP Databy Tyler DurdenZeroHedge Nov. 14, 2011 |
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 In yet another accounting error (or not), a sovereign nation accidentally missed a large amount of debt that it owes. Bloomberg (via The Economic Observer) is citing data from Beijing Fost Economic Consulting that ~3tn yuan ($473bn) of debt in township governments was not included in China's National Audit Office reports. This is not a drop in the ocean as it raises the local government debt load by around 30% and represents debt in vehicle financings and bank loans. Of course, we should remain calm and walk (not run) to the exits as GDP, inflation, and whichever macro data point you choose that has subliminally met expectations recently is completely accurate - have no fear. Read More 
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