China will revise historical regional gross domestic product (GDP) data under a unified accounting mechanism to be introduced early this year, the National Bureau of Statistics said recently. The new mechanism will unify the standards and procedures for calculating national and local GDP numbers, which had been calculated under different accounting methods.
Local and national statistics authorities have been adopting varying accounting methods since 1985, the bureau said in an online statement.
The reform is expected to close the current discrepancy between national and regional figures, improving data quality while enhancing the credibility of government statistics, an official news agency cited the bureau as saying.
To ensure data comparability, the country will also revise historical local GDP figures and publish them in 2020, the bureau said. The revised figures for 2018 will be released together with the 2019 numbers.
As the economic activities of some government institutions are only reflected in the national GDP, the combined regional number will be slightly lower than the national amount.
Fibre2Fashion News Desk (DS)