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NBS official refutes charges of unreliable GDP figure
(China Daily)
Updated: 2009-07-23 11:50 China Daily: China's statistical data is usually released relatively early. Is this due to the way the data is reported? NBS: A well-regulated, strict system of reporting is key to and necessary in ensuring that data is collected promptly. The NBS has established different reporting methods and timelines, based on the different nature and ways in which the data is obtained. According to rules under the industrial statistical survey system for large organizations, large industrial corporations have to conduct comprehensive surveys every month. After various statistical departments strictly audited the data, it is submitted to the NBS six days after the end of each month. Under the statistical system for fixed capital investment, and the statistical system for general consumer and retail goods, the statistics for fixed capital investment and general consumption and retail goods are reported level by level. After provincial statistical bureaus audit this data, the NBS receives it about six days after the end of each month. Under the survey system for consumer prices, price surveyors at each survey station pass on the data they have collected to the provincial survey teams under the NBS at the end of each month. After the provincial survey teams audit the data, they report the data to the NBS before the sixth day of the following month. An initial estimate of GDP data is calculated based on the collected data around 15 days after the end of each quarter, using internationally recognized methods. Under the system for estimating national GDP, the NBS calculates initial GDP estimates around 15 days after each month based on the data collected from the various provinces and ministries. Later, based on data from other sources, the NBS calculates an initial revised estimate, and then a final verification takes place. At the same time, based on clause 7 of the Statistics Law of the People's Republic of China, government organizations and state-owned enterprises as well as other organizations and survey targets such as individuals and corporations are required to provide true, accurate, complete and prompt data needed in statistical collection work. There must be no refusal or delay in data reporting. With this legal provision, and with the supervision of statistical organizations at the various levels, survey targets basically fulfill the requirements by providing the related data. In summary, China's present statistical system is in line with international standards. Our ability to release statistical data ten days or so after the end of each month is supported by the related statistical systems and reporting methods that we have established. As always, we will continue to welcome criticisms and suggestions that are reasonable and backed up by evidence. We will also continue to improve China's statistical systems and methods, and continue to raise the quality of statistical data. China Daily: The report also claimed that total investment and consumption has reached to 107 percent of gross national product (GNP). Is that true? NSB: I think he must have directly taken the total national fixed assets investment as the gross capital formation in GNP and directly taken the total retail sales of social consumer goods as the final consumption expenditures in GNP. This conclusion is, of course, wrong. In fact, they are clearly different. The gross capital formation is composed of gross fixed capital formation and inventory changes. Although the total national fixed assets investment is approximately equal to the gross fixed capital formation, there is still a difference between them. For example, total national fixed assets investment includes land acquisition costs and old equipment and the acquisition of old buildings while gross fixed capital formation does not. Final consumption expenditure includes resident consumption and government consumption. Although total retail sales of social consumer goods can partly reflect resident consumption and government consumption, this is still different from final consumer expenditure. Therefore, it is not right to simply take the total national fixed assets investment as the gross capital formation in GNP or take the total retail sales of social consumer goods as the final consumer expenditure in GNP. (For more biz stories, please visit Industries)
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