China will begin to calculate and publish the total value of its economy using the universally practiced methods in other market economies in 3-5 years, Chinese chief statisticians said in Shanghai Wednesday.
Director of the National Bureau of Statistics (NBS) Zhu Zhixin told a meeting of heads of local statistical bureaus from across the country that China will adopt a new calculation system for its national economy beginning in 2003.
Zhu said the new calculating system is in conformity with international practices in terms of classification and indices of economic activities. He said that new content has been added to the system, including indices on restructuring, efficiency and sustainable growth of the economy.
China is currently experimenting with calculating its gross domestic product (GDP) using universal methods, said Xu Xianchun, director of the National Economic Statistics Department of the NBS. Xu said that in 3-5 years, China will be able to release GDP figures that are fully compatible with indices used in other market economies in the world. These figures include fixed price-based GDP, quarterly GDP and GDP in terms of investment, consumption and net exports.
Zhu said that over the past few years, China has made progress in the reform of statistical systems and methods.
During the past year, China embarked on a trial of calculating the growth of industrial output using an internationally practiced method instead of using the old planned-economy era method.
In order to update the traditional practice of collecting information through report forms at different levels, the NBS has set up a data-gathering network that will effectively prohibit any possible intervention by local authorities.
China's efforts in this respect have been recognized by the international community. The World Bank has decided to stop readjusting economic data provided by the Chinese government before using it.
China joined the general data distribution system (GDDS) sponsored by the International Monetary Fund (IMF) in April 2002. The international community now has access to Chinese statistics through the Internet.
Zhu said China is drafting a plan on additional reforms in the statistics system so as to bring it into compliance with international standards in the next few years.
(People's Daily December 19, 2002)
