Beijing Daily News (Reporter Zhao Yuhan) The National Bureau of Statistics announced on the 22nd that according to China’s gross domestic product (GDP) accounting system and the results of the fourth national economic census, the National Bureau of Statistics revised the preliminary calculation of GDP in 2018. After the revision, the GDP in 2018 was 91,928.1 billion yuan, an increase of 1,897.2 billion yuan or 2.1% over the initial accounting.
2018 is the year of the fourth national economic census, which mobilized more than 1.6 million census personnel and targeted more than 100 million people. After the four classics, why should the national GDP data in 2018 be revised? The person in charge of the accounting department of the National Bureau of Statistics analyzed that according to China’s current national economic accounting system, China’s annual GDP should be accounted twice. The first time is the preliminary accounting of GDP, which mainly uses the progress statistical survey data and departmental administrative records for accounting. The second time is the final verification of GDP. According to the annual statistics, financial final accounts and departmental administrative records, the preliminary accounting results are revised. In the year of economic census, the preliminary calculation of GDP in that year should be revised according to the data of economic census.
Because last year was the year of economic census, the census covered all legal entities, industrial activity units and self-employed households engaged in the secondary and tertiary industries in China, which provided comprehensive, rich, true and accurate basic data for GDP accounting. Therefore, the National Bureau of Statistics revised the preliminary GDP accounting figures for 2018 according to the data of economic census and the data of relevant departments and the annual GDP accounting method of the fourth national economic census.
According to the revised results, in 2018, the added value of the primary industry was 6,474.5 billion yuan, accounting for 7.0%; The added value of the secondary industry was 364.835 billion yuan, accounting for 39.7%; The added value of the tertiary industry was 48,970.1 billion yuan, accounting for 53.3%. What changes will be made to the revised data in terms of total GDP and structure? The person in charge of the accounting department of the National Bureau of Statistics said that the revision of the preliminary GDP accounting in 2018 was mainly aimed at the changes in basic data after the economic census and was carried out in strict accordance with the annual GDP accounting plan of the economic census formulated by the National Bureau of Statistics. The revised GDP in 2018 is 91,928.1 billion yuan, which is 1,897.2 billion yuan and 2.1% higher than the initial accounting figure of 90,030.9 billion yuan in 2018. Compared with the GDP growth of 16.8%, 4.4% and 3.4% in the previous three economic census years, the annual GDP revision of the fourth national economic census is the smallest.
After the revision of GDP data in 2018, the three industrial structures have changed. The added value of the primary industry accounted for 7.0% of GDP, which was 0.1 percentage point lower than the preliminary accounting. The proportion of the added value of the secondary industry was 39.7%, which was 1.0 percentage points lower than the preliminary accounting. The added value of the tertiary industry accounted for 53.3%, 1.1 percentage points higher than the preliminary accounting. The proportion of the added value of the tertiary industry in GDP has further increased.
In view of whether the revised GDP data will have an impact on the national GDP growth rate in 2019, the person in charge of the accounting department of the National Bureau of Statistics told the reporter that according to the current GDP accounting method in China, the preliminary GDP accounting mainly adopts the speed calculation method of relevant indicators, that is, in the preliminary accounting of GDP in 2019, based on the revised GDP in 2018, the growth rate of relevant indicators in different industries will be used for accounting. Therefore, although the GDP revision in 2018 has increased in total, it will not have a significant impact on the GDP growth rate in 2019. Judging from the situation of the past three economic censuses, the data revision has no obvious impact on the GDP growth rate in the following years.