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China to reform quarterly GDP accounting system
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China will reform its quarterly GDP accounting system to better trace information on short-term economic fluctuations, the National Bureau of Statistics (NBS) said on Wednesday.
From the third quarter this year, China's quarterly GDP will be accounted separately, namely Q1 GDP; Q2 GDP; Q3 GDP; and Q4 GDP, instead of being accounted cumulatively like Q1 GDP; Q1-Q2 GDP; Q1-Q3 GDP; and Q1-Q4 GDP, according to an NBS statement.
The result of the quarterly GDP calculation will be released every quarter to the public, it said.
The new system can measure quarterly GDP more accurately, trace short-term economic fluctuations more quickly and provide better data references for economic analysis and macro-control, said NBS deputy head Xu Xianchun.
The old system, which China adopted in 1992, makes way for a system in line with international standards, Xu added.
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