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China to revise GDP measuring system
November 19, 2013, 11:27 am

[Xinhua]

The National Bureau of Statistics (NBS) also wants to gain a more accurate assessment of higher land and housing values in calculating China’s gross domestic product [Xinhua]

China’s state statistics agency plans to revise the current system of measuring the national economy in line with the latest international standards, according to a state official.

The National Bureau of Statistics (NBS) also wants to gain a more accurate assessment of higher land and housing values in calculating China’s gross domestic product.

The new system will consider spending on research and development as a form of fixed capital and calculate it into gross domestic product (GDP), NBS vice head Xu Xianchun said on Monday.

Other changes include the method of setting value for self-owned housing of urban residents, to count the income made from transferring land-use rights into farmers’ income, as well as to create an index for employee stock options as a form of labour wage.

Xu said the proposals are part of an effort to implement reform guidelines unveiled at the Third Plenum meet that ended last week.

The proposed revisions are in accordance with a 2008 version of the United Nations System of National Accounts.

China’s current national economy accounting system, completed in 2002, was based on the 1993 version.

Xu said the new system will be finalised around the end of 2014 at the earliest.

Source: Agencies

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