郑泽宇:China cracks down on economic data leaks

来源：百度文库 编辑：九乡新闻网 时间：2024/04/29 11:39:31

China cracks down on economic data leaks

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2011-6-15 09:08
China is concerned that sensitive economic data may have been leaked, potentially allowing some traders to make profits at the expense of those who didn't get the leaks


A Chinese official confirmed Tuesday that a member at the National Bureau of Statistics (NBS) is under judicial investigation for leaking key economic data prior to their official release.


The NBS response came as key government economic data, viewed as state secrets before the information is officially announced, was apparently leaked to domestic and foreign companies for personal gain.


The nation's economic figures, including the consumer price index (CPI) and gross domestic product (GDP), are highly market-sensitive.


Sheng Laiyun, spokesman of the NBS said the NBS has improved its ability to protect the confidentiality of economic figures and is considering shortening the gap between its compilation and release.


According to data released by NBS on Tuesday, the CPI rose 5.5 percent year-on-year in May, the same as many institutions had reported several days before.


China’s crackdown on the leaking of key economic data is working after inflation figures weren’t disclosed ahead of the official announcement, analysts said.


“We didn’t see the usual list of numbers circulating,” said Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney. “What we got was what we should have in the market, which was the market waiting for the numbers and reacting to the release.”

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2011-6-15 09:09
The National Bureau of Statistics stands in Beijing. An employee in the general office’s secretary division of the National Bureau of Statistics is under judicial investigation on suspicion of leaking national economic data, bureau spokesman Sheng Laiyun said after a briefing in Beijing


The country’s benchmark stock index rose as the 5.5 percent annual inflation gain in May matched the median estimate in a Bloomberg News survey of economists, and industrial output increased more than expected. The Shanghai Composite Index added 27.19, or 1 percent, to 2,727.57 at the 11:30 a.m. local-time break, the biggest advance since May 31.


Authorities in China, the world’s second-largest economy, are trying to stop selective disclosure that can disrupt markets and give an advantage to investors with early access. An accurate reading for the consumer price index was circulated in the market and press reports before the official release for at least five of the six months through April.


Condemn Leaks


“The National Bureau of Statistics’ stance is very clear - to decisively support the relevant departments’ investigation of the data leaks,” Sheng said. “We believe any illegal behavior will be punished according to the law.”


Today’s inflation number still spread online minutes ahead of the official announcement, after a printed release of the numbers was given to reporters at the bureau’s headquarters before the briefing. The bureau imposed an embargo for press not to publish the data before 10 a.m.


Netease, or 163.com, posted the inflation figure more than eight minutes before the embargoed time, citing the bureau. The official Xinhua News Agency published the same number at 9:56 a.m. Domestic media in China regularly posts key data before the embargoed time.


The bureau said April 15 it condemned leaks of economic data after the nation’s first-quarter growth figure and other monthly economic data including the inflation rate were reported a day before the official release.


Whispered Numbers


A People’s Bank of China researcher is also being probed for leaking data, the 21st Century Business Herald said June 8. The bank has declined to comment on the report and calls made to its press office today went unanswered.


“Thanks to the arrest of a couple of junior officials in NBS and the PBOC, there were no ‘whispered numbers’ this time around, making our lives a bit easier,” Lu Ting, an economist at Bank of America Corp.’s Merrill Lynch unit, wrote in a note to clients today. Lu forecast a 5.4 percent gain in the consumer price index for May.


China is ensuring those with access to data now treat it with the respect it should deserve, Westpac’s Callow said.  “China has shown it can deal with it, and deliver and handle its data with the required integrity,” he said. “The market would really be disappointed to see it backsliding from here.”


Xinhua/Bloomberg/CBC/AP


According to the report, it said that in April, January and June last year, and May this year, some media outlets released highly accurate forecasts of economic data days ahead of their release. How to  protect the confidentiality of economic figures and  shorten the gap between its compilation and release? Your suggestions are appreciated.
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