China to revise GDP data based on fourth economic census
- Beijing’s latest census of the industrial and services sectors will result in a revision to GDP levels, says the National Bureau of Statistics
- An upwards revision, which has followed previous censuses, would help the government meet its target to double size of economy between 2010 and 2020
China’s government on Wednesday released the results of its latest census, a “physical inspection” of the nation’s industrial and services activities, and is likely to revise previous gross domestic product calculations based on the data, officials said.
Revised 2018 gross domestic product (GDP) estimates would be published in the near future, Li Xiaochao, deputy commissioner of the National Bureau of Statistics, said at a press conference announcing the results of the fourth National Economic Census.
If data for previous years is revised up, it could help the government meet its ambitious goal to create a “moderately prosperous society” by doubling the size of the economy and per capita income between 2010 and 2020.
The economic census has compiled detailed data on China’s secondary and tertiary industries in 2018, including but not limited to the number of various types of enterprises, the number of their employees, as well as the size of their assets, liabilities, and operating income.
“Compared with annual statistics, the economic census has far richer basic data, with the changes in data sources providing us with a detailed foundation to revise GDP according to accounting rules. Therefore we will make the adjustments,” Li told the press.