New way to gauge indicators
Source: Xinhua |
March 9, 2011, Wednesday
|
Print Edition
Print Edition
CHINA'S National Bureau of Statistics yesterday announced adjustments to the decade-old method it uses to measure the country's production and investment indicators, saying the changes would help improve the accuracy and timeliness of statistical data.
Beginning January this year, China had revised upward the statistical threshold of "large-scale" industrial enterprises to measure only those with an annual business income above 20 million yuan (US$3.04 million), from the previous 5 million yuan, when compiling industrial production data, the bureau said on its website.
For fixed-asset investment data, China will survey projects with total investments of over 5 million yuan, up from the previous 500,000 yuan, while bringing projects in rural areas into the statistical count, it said.
Enterprises that are above the new statistical criteria will be surveyed individually while those under will be calculated by sample surveys, the bureau's statement added.
The previous monthly economic indicator of "urban fixed-asset investment" has been replaced by "fixed-asset investment (excluding rural household investment)" to include rural investments, it said.
"The revisions are important moves by the statistics departments to improve the accuracy and effectiveness of statistical data in accordance with the new changes in our country's economy," the statement said.
Further, the State Council, or China's Cabinet, has approved the revisions in statistical criteria, it said.
The bureau had used the current methods to measure China's key economic indicators since 1998 when the country's gross domestic product was only 7.9748 trillion yuan, compared with 39.8 trillion yuan in 2010.
According to the bureau's data, the number of projects with fixed-asset investments of more than 500,000 yuan jumped to 661,000 in 2010 from 159,000 in 1997 when the previous statistical criteria was first applied.
Meanwhile, the number of large-scale enterprises with their annual business incomes above 5 million yuan more than tripled to 434,000 from 165,000 in 1998 when China began using the previous statistical method.
"Though the number of fixed-asset investment projects was down using the revised criteria, the impact on the total investment volume figure was limited," said its spokesman.
Beginning January this year, China had revised upward the statistical threshold of "large-scale" industrial enterprises to measure only those with an annual business income above 20 million yuan (US$3.04 million), from the previous 5 million yuan, when compiling industrial production data, the bureau said on its website.
For fixed-asset investment data, China will survey projects with total investments of over 5 million yuan, up from the previous 500,000 yuan, while bringing projects in rural areas into the statistical count, it said.
Enterprises that are above the new statistical criteria will be surveyed individually while those under will be calculated by sample surveys, the bureau's statement added.
The previous monthly economic indicator of "urban fixed-asset investment" has been replaced by "fixed-asset investment (excluding rural household investment)" to include rural investments, it said.
"The revisions are important moves by the statistics departments to improve the accuracy and effectiveness of statistical data in accordance with the new changes in our country's economy," the statement said.
Further, the State Council, or China's Cabinet, has approved the revisions in statistical criteria, it said.
The bureau had used the current methods to measure China's key economic indicators since 1998 when the country's gross domestic product was only 7.9748 trillion yuan, compared with 39.8 trillion yuan in 2010.
According to the bureau's data, the number of projects with fixed-asset investments of more than 500,000 yuan jumped to 661,000 in 2010 from 159,000 in 1997 when the previous statistical criteria was first applied.
Meanwhile, the number of large-scale enterprises with their annual business incomes above 5 million yuan more than tripled to 434,000 from 165,000 in 1998 when China began using the previous statistical method.
"Though the number of fixed-asset investment projects was down using the revised criteria, the impact on the total investment volume figure was limited," said its spokesman.
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