Sure it's only about 3 weeks old, but I heartily recommend the 88s look at the (un)-reliability of Chinese statistics and follow the comments for further debate. Then recall this is the world's sixth biggest economy and most populous nation. Finally ask yourself what's more dangerous - flying a plane blind or with deliberate misinformation?

As I've discussed previously, the problem comes about because those who compile the statistical data are also measured by the results. The natural incentive is to report flattering numbers to help your career and prospects, irrespective of the truth. The simple and obvious solution is to have an independent statistics agency which collects, compiles and disseminates the data. But there's plenty of vested interests to keeping the status quo. It's a classic clash of specific vested interests overriding the broader public interest. That assumes that governments work for the public interest...

On a related theme, a pessimistic look at the durability of China's economic boom and the dark side of China's rise (via MR). And Mark Thoma notes there is a historical precedent for a Western nation maintaining a long term trade imbalance with China.