Revision of question and answer data of the National Bureau of Statistics

| gov.cn

2018 GDP revision data release-

Revision of question and answer data of the National Bureau of Statistics

On November 22nd, the National Bureau of Statistics issued a public announcement on revising the (GDP) data of 2018 GDP. According to China's GDP accounting system and the results of the fourth national economic census, The National Bureau of Statistics revised the preliminary GDP accounting figures for 2018.

The main results of the announcement were as follows: the gross domestic product in 2018 was 91.9281 trillion yuan, an increase of 1.8972 trillion yuan, or 2.1 percent, over the initial estimate. The revised added value of the primary industry is 6.4745 trillion yuan, the proportion is 7.0%, the added value of the secondary industry is 36.4835 trillion yuan, the proportion is 39.7%, and the added value of the tertiary industry is 48.9701 trillion yuan, the proportion is 53.3%.

Why is GDP revised?

Li Xiaochao, deputy director of the National Bureau of Statistics: according to China's current national economic accounting system, China's annual GDP has to be accounted for twice. The first is preliminary accounting, and the GDP of the previous year is released at the beginning of each year. The second is the final verification of GDP, mainly based on annual data, financial final accounts and departmental administrative records, etc., the preliminary accounting figures for the previous year have to be revised at the end of each year. When it comes to the year of economic census, the preliminary accounting of GDP for that year should be revised according to the more comprehensive and accurate data provided by the economic census.

2018 is the year of economic census. The fourth national economic census covers all legal person units, industrial activity units and individual operating households engaged in the secondary and tertiary industries in China. At present, the national economic census has been successfully completed, and has provided comprehensive and rich basic data for GDP accounting. According to the data of the economic census and the data of relevant departments, the National Bureau of Statistics revised the preliminary accounting figures of GDP in 2018 in accordance with the annual GDP accounting method of the fourth National Economic Census.

What is the extent of the change after the revision

Head of the Accounting Department of the National Bureau of Statistics: the total amount and range of the revised 2018 GDP increased by 1.8972 trillion yuan and 2.1 per cent, respectively, compared with the preliminary accounts for 2018. Compared with the GDP growth rate of 16.8%, 4.4% and 3.4% in the previous three economic census years, the annual GDP revision rate of the fourth national economic census is the smallest.

After the revision of GDP data in 2018, the structure of the three industries has changed. The proportion of the added value of the tertiary industry in GDP has further increased. The specific conditions are as follows: the proportion of the added value of the primary industry to GDP is 7.0%, which is 0.1 percentage points lower than that of the preliminary accounting, and the proportion of the added value of the secondary industry is 39.7%, 1.0 percentage points lower than that of the initial accounting. The proportion of the added value of the tertiary industry was 53.3%, 1.1 percentage points higher than the preliminary calculation.

What is the impact on GDP growth this year

Person in charge of the Accounting Department of the National Bureau of Statistics: according to the current GDP accounting methods in China, the preliminary GDP accounting mainly adopts the relevant index speed calculation method, that is to say, in the preliminary accounting of 2019 GDP, it will be based on the 2018 GDP revision. Use the relevant indicators of different industries to calculate the growth rate. As a result, although the total number of GDP revisions increased in 2018, it will not have a significant impact on GDP growth in 2019. Judging from the past three economic censuses, the data revisions had no significant impact on GDP growth in subsequent years.

Whether GDP Historical data is revised

Person in charge of the Accounting Department of the National Bureau of Statistics: in accordance with China's national economic accounting system and international practices, when new basic data that have a great impact on GDP data are found, or when accounting methods and classification standards change, GDP historical data needs to be revised.

After the fourth National Economic Census, the National Bureau of Statistics will revise the historical data of GDP based on the 2018 GDP revision. In addition, as the fourth National Economic Census adopted the new national economic industry classification standards formulated in 2017, the relevant industry data should be revised when revising the historical data of GDP. Due to the heavy workload, the revision of GDP historical data has not yet been completed. Upon completion of the revision of GDP historical data, it will be published in an appropriate manner. (reporter Zhang Yi)

Revision of question and answer data of the National Bureau of Statistics

| gov.cn

2018 GDP revision data release-

Revision of question and answer data of the National Bureau of Statistics

On November 22nd, the National Bureau of Statistics issued a public announcement on revising the (GDP) data of 2018 GDP. According to China's GDP accounting system and the results of the fourth national economic census, The National Bureau of Statistics revised the preliminary GDP accounting figures for 2018.

The main results of the announcement were as follows: the gross domestic product in 2018 was 91.9281 trillion yuan, an increase of 1.8972 trillion yuan, or 2.1 percent, over the initial estimate. The revised added value of the primary industry is 6.4745 trillion yuan, the proportion is 7.0%, the added value of the secondary industry is 36.4835 trillion yuan, the proportion is 39.7%, and the added value of the tertiary industry is 48.9701 trillion yuan, the proportion is 53.3%.

Why is GDP revised?

Li Xiaochao, deputy director of the National Bureau of Statistics: according to China's current national economic accounting system, China's annual GDP has to be accounted for twice. The first is preliminary accounting, and the GDP of the previous year is released at the beginning of each year. The second is the final verification of GDP, mainly based on annual data, financial final accounts and departmental administrative records, etc., the preliminary accounting figures for the previous year have to be revised at the end of each year. When it comes to the year of economic census, the preliminary accounting of GDP for that year should be revised according to the more comprehensive and accurate data provided by the economic census.

2018 is the year of economic census. The fourth national economic census covers all legal person units, industrial activity units and individual operating households engaged in the secondary and tertiary industries in China. At present, the national economic census has been successfully completed, and has provided comprehensive and rich basic data for GDP accounting. According to the data of the economic census and the data of relevant departments, the National Bureau of Statistics revised the preliminary accounting figures of GDP in 2018 in accordance with the annual GDP accounting method of the fourth National Economic Census.

What is the extent of the change after the revision

Head of the Accounting Department of the National Bureau of Statistics: the total amount and range of the revised 2018 GDP increased by 1.8972 trillion yuan and 2.1 per cent, respectively, compared with the preliminary accounts for 2018. Compared with the GDP growth rate of 16.8%, 4.4% and 3.4% in the previous three economic census years, the annual GDP revision rate of the fourth national economic census is the smallest.

After the revision of GDP data in 2018, the structure of the three industries has changed. The proportion of the added value of the tertiary industry in GDP has further increased. The specific conditions are as follows: the proportion of the added value of the primary industry to GDP is 7.0%, which is 0.1 percentage points lower than that of the preliminary accounting, and the proportion of the added value of the secondary industry is 39.7%, 1.0 percentage points lower than that of the initial accounting. The proportion of the added value of the tertiary industry was 53.3%, 1.1 percentage points higher than the preliminary calculation.

What is the impact on GDP growth this year

Person in charge of the Accounting Department of the National Bureau of Statistics: according to the current GDP accounting methods in China, the preliminary GDP accounting mainly adopts the relevant index speed calculation method, that is to say, in the preliminary accounting of 2019 GDP, it will be based on the 2018 GDP revision. Use the relevant indicators of different industries to calculate the growth rate. As a result, although the total number of GDP revisions increased in 2018, it will not have a significant impact on GDP growth in 2019. Judging from the past three economic censuses, the data revisions had no significant impact on GDP growth in subsequent years.

Whether GDP Historical data is revised

Person in charge of the Accounting Department of the National Bureau of Statistics: in accordance with China's national economic accounting system and international practices, when new basic data that have a great impact on GDP data are found, or when accounting methods and classification standards change, GDP historical data needs to be revised.

After the fourth National Economic Census, the National Bureau of Statistics will revise the historical data of GDP based on the 2018 GDP revision. In addition, as the fourth National Economic Census adopted the new national economic industry classification standards formulated in 2017, the relevant industry data should be revised when revising the historical data of GDP. Due to the heavy workload, the revision of GDP historical data has not yet been completed. Upon completion of the revision of GDP historical data, it will be published in an appropriate manner. (reporter Zhang Yi)









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