According to the US "Wall Street Journal" website reported on July 14, the National Bureau of Statistics issued a statement on its website on the 14th, announcing this adjustment. Three days later, the agency will release gross domestic product (GDP) data for the second quarter of this year.
The State Council of China approved this adjustment last week. According to the National Bureau of Statistics, the revised GDP accounting framework has increased health accounting, tourism accounting and emerging economic accounting. Emerging economies generally refer to high-tech industries or environmentally friendly companies.
The National Bureau of Statistics did not say whether these adjustments would be reflected in the GDP data released on the 17th, nor did it say whether these adjustments would result in historical data being revised.
Economists interviewed by The Wall Street Journal predicted that Chinaâ€™s economy grew by 6.8% year-on-year in the second quarter of this year, slightly lower than the 6.9% in the first quarter.
The National Bureau of Statistics said that the adjustment also revised some basic concepts and basic classifications of the accounting system. For example, intellectual property will become a separate item under the category of non-financial assets, and employees' shareholdings in their business will be counted as part of their income.
According to the National Bureau of Statistics, some of these amendments have already been implemented in practice, and some have been extremely labor-intensive and are not fully equipped.
Zhao Yang, an economist at Nomura Securities, said that these revisions are unlikely to affect the upcoming economic data, but may be reflected in the medium and long-term economic data.
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