In most economies, inventories are valued at market prices, while in China they are valued by the authorities and adjusted later. This is just one of many ways China manipulates GDP data.
The Biden administration has decided that the REAL problem with housing is that the wrong people are saving money and making timely mortgage payments. They must be punished.
Progressive governments in the name of equity are calling for taxation of capital gains. They really are demanding destruction of capital through capital consumption.
By any conventional measures of finance, the Federal Reserve has negative equity. In the long run, cooking the books only puts off the day of reckoning.
