NBS to launch new GDP method in 2019

China will put in place a unified gross domestic product calculation system in 2019 that will see the National Bureau of Statistics take over data collection responsibilities from local authorities. The unified calculation will replace the current system in which national GDP and regional data are calculated separately by the NBS and regional offices.

NBS deputy head Li Xiaochao said on Monday that the discrepancy between national and regional GDP data may hinder accurate understanding of the regional economy and harm the government’s statistical credibility.

According to Li, the government is working to unify accounting systems at national and regional levels, which will narrow the gap between national and regional GDP data.

The NBS will work with regional authorities and statistics agencies, to conduct research on methods of collecting and calculating regional GDP data, he said.

The government has promised zero tolerance for fabrication of economic data. Earlier this year, Northeast China’s Liaoning province admitted that economic data had been falsified from 2011 to 2014.

Despite the many imperfections in statistical methodology, policymakers rely heavily on the key economic indicators to adjust macro-controls in the economy.

Official data showed China’s economy witnessed strong resilience in the first three quarters of this year with GDP expansion holding steady at 6.9 percent year-on-year.