China to introduce a unified method of calculating GDP in 2019

Almaty. November 1. Silkroadnews – In 2019 China will introduce a unified method of calculating GDP, “People’s Daily” reports.
“China will put in place a unified GDP calculation system in 2019 that will see the National Bureau of Statistics (NBS) take over data collection responsibilities from local authorities,” the report said.
The new method, as reported, will replace the existing system in which the national GDP and regional data are calculated separately by the NBS and regional offices.
According to the NBS deputy head Li Xiaochao, the discrepancy between the national and regional GDP data may hinder accurate understanding of the regional economy and harm the statistical reliability of data received by the government.
Li also noted, the government is working to unify accounting systems at the national and regional levels, which will narrow the gap between national and regional GDP data.
He said that the NBS will work with regional authorities and statistical agencies, conduct research on methods of collecting and calculating regional GDP.