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MIL OSI Translation. Region: Peoples Republic of China-China Statistical Information Network-Chinese-

  According to the regulations of my country’s gross domestic product (hereinafter referred to as GDP) accounting and data release system, annual GDP accounting includes two steps: preliminary accounting and final verification. Recently, according to the statistical annual report of the National Bureau of Statistics, the fiscal final accounts of the Ministry of Finance and the annual financial data of relevant departments, the National Bureau of Statistics conducted a final verification of the 2019 GDP data. The main results are as follows:

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  According to the final verification, in 2019, the total GDP at the current price was 98,651.5 billion yuan, a decrease of 435 billion yuan from the preliminary calculation; at constant prices, it increased by 6.0% from the previous year and decreased by 0.1 percentage point from the preliminary calculation. See the attached table for the data of the three industries and each industry.

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Special announcement.

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  Attached table: Comparison of the final verified figures and preliminary figures of GDP in 2019

  Annex: China GDP annual accounting instructions

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National Bureau of Statistics

December 30, 2020

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   Schedule:

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Comparison of the final verified figures and preliminary figures of GDP in 2019

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industry

Total current price (100 million yuan)

Constant price growth rate (%)

Industrial structure (%)

finally

Verification number

preliminary

Accounting

gap

finally

Verification number

preliminary

Accounting

gap

(percentage point)

finally

Verification number

preliminary

Accounting

gap

(percentage point)

GDP

986515

990865

-4350

6.0

6.1

-0.1

100.0

100.0

0.0

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primary industry

70474

70467

7

3.1

3.1

0.0

7.1

7.1

0.0

Secondary industry

380671

386165

-5494

4.9

5.7

-0.8

38.6

39.0

-0.4

Tertiary Industry

535371

534233

1138

7.2

6.9

0.3

54.3

53.9

0.4

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To

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Agriculture, forestry, animal husbandry and fishery

73577

73567

10

3.2

3.2

0.0

7.5

7.4

0.1

industry

311859

317109

-5250

4.8

5.7

-0.9

31.6

32.0

-0.4

 Manufacturing

264137

269175

-5038

4.6

5.7

-1.1

26.8

27.2

-0.4

Construction industry

70648

70904

-256

5.2

5.6

-0.4

7.2

7.2

0.0

Wholesale and retail

95651

95846

-195

5.6

5.7

-0.1

9.7

9.7

0.0

Transportation, storage and postal industry

42466

42802

-336

6.5

7.1

-0.6

4.3

4.3

0.0

Accommodation and Catering Industry

17903

18040

-137

5.5

6.3

-0.8

1.8

1.8

0.0

Financial industry

76251

77077

-826

6.6

7.2

-0.6

7.7

7.8

-0.1

Real estate

70445

69631

814

2.6

3.0

-0.4

7.1

7.0

0.1

Information transmission, software and information technology service industry

33392

32690

702

21.7

18.7

3.0

3.4

3.3

0.1

Leasing and business services

32638

32933

-295

8.7

8.7

0.0

3.3

3.3

0.0

other industry

161686

160266

1420

6.9

5.9

1.0

16.4

16.2

0.2

Note: Some of the GDP and composition data in this table are not equal to the sum of each industry (industry), and are due to errors in the rounding of values, and have not been mechanically adjusted.

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  Attachment:

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China GDP annual accounting instructions

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   1. Annual GDP accounting overview

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  1.1 Basic concepts

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   GDP is the final result of the production activities of all resident units in a country during a certain period of time. GDP is the core indicator of national economic accounting and an important indicator to measure a country’s economic status and development level.

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   There are three methods for GDP accounting, namely production method, income method and expenditure method. The three methods reflect the results of national economic production activities from different perspectives. The production method is a method of removing the value of intermediate goods and services input in the production process from the value of goods and services created in the production process to obtain added value. The calculation formula of the added value of the production method of the national economy is as follows: added value = total output-intermediate input. The added value of the production method of the various industries of the national economy is added to obtain the gross domestic product of production. The income method is to calculate the results of production activities from the perspective of income formation during the production process. According to this calculation method, the added value is composed of four parts: labor compensation, net production tax, depreciation of fixed assets and operating surplus. The calculation formula is: value added = labor compensation + net production tax + depreciation of fixed assets + operating surplus. The sum of the value added by the income method of the various sectors of the national economy is equal to the gross domestic product of income. The expenditure method is a method of calculating GDP from the perspective of the final use of the results of production activities. Final use includes three parts: final consumption expenditure, total capital formation, and net exports of goods and services.

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   Constant price GDP is the conversion of GDP calculated at current prices into a value calculated at a fixed base period price, thereby eliminating the influence of price changes, so that the values ​​in different periods can be compared.

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  1.2 Accounting range

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  1.2.1 Production scope

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The scope of production for GDP accounting includes the following four parts: first, the production of goods or services that the producer provides or prepares to provide to other units; second, the self-sufficiency of all goods that the producer uses for its own final consumption or the formation of fixed capital Production; third, the self-sufficient production of knowledge carrier products by producers for their own final consumption or the formation of fixed capital, but does not include similar activities undertaken by the household sector; fourth, housing services provided by their own houses, and Self-sufficient production of household and personal services provided by paid household service personnel. The scope of production does not include unpaid family and personal services, natural activities without unit control (such as wild, uncultivated forests, the natural growth of wild fruits or berries, and the natural increase in the number of fish in the high seas).

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  1.2.2 Scope of the main body of production activities

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   The main scope of GDP production activities includes all resident units that have a center of economic interest within China’s economic territory. The annual GDP data in this report is the national data calculated by the National Bureau of Statistics. It does not include the GDP data of Hong Kong, Macau Special Administrative Region and Taiwan Province.

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  1.3 Accounting unit

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   GDP accounting mainly uses legal entities as accounting units. In accounting, legal entities are divided into different industries based on their main activities, and the added value of each industry is calculated separately, and then the added value of each industry is aggregated to obtain GDP.

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  1.4 Accounting steps

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  According to the requirements of the timeliness of GDP accounting, China’s annual GDP must be calculated twice, the first is the preliminary GDP calculation, and the second is the final verification of GDP. Generally speaking, the final verification result will change compared with the preliminary calculation.

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  1.4.1 Preliminary accounting

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  Before 2015, my country’s quarterly GDP accounting adopted a cumulative accounting method. The preliminary accounting figures of GDP in the first to fourth quarters are the preliminary accounting figures of annual GDP. Starting from the third quarter of 2015, my country’s quarterly GDP accounting has been changed to quarterly accounting, that is, accounting for the first quarter, second quarter, third quarter and fourth quarter GDP data separately, and then adding the quarterly GDP data to get the annual GDP preliminary accounting. The preliminary calculation of annual GDP will be completed before January 20 of the following year.

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  1.4.2 Final verification

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  The final verification of annual GDP is generally completed around January of the following year. The final verification of annual GDP can use more comprehensive and reliable basic data, including data from the professional statistical annual reports of the National Bureau of Statistics, departmental annual financial statistics, and financial final accounts. In the final verification process, the production method or income method is mainly used to calculate the added value and GDP of each industry based on these data.

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  1.5 Legal basis and system regulations

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   GDP accounting strictly abides by the “Statistical Law of the People’s Republic of China”. At present, China’s GDP is calculated in accordance with the requirements of the China National Accounts System (2016), which has adopted the basic accounting principles, content and methods of the United Nations System of National Accounts (2008).

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  1.6 Confidentiality

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  In accordance with the provisions of Article 9 of Chapter 1 of the Statistics Law of the People’s Republic of China, statistical agencies and statisticians shall keep confidential the state secrets, trade secrets and personal information that they learn about in statistical work.

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   The national economic accountants keep the undisclosed professional statistical data and administrative record data strictly confidential when conducting GDP accounting, and keep the current GDP data strictly confidential before the GDP accounting data is released.

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  1.7 User requirements

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  The domestic users of annual GDP data are mainly government departments, research institutions, universities, industry associations, media and the general public. In addition, the National Bureau of Statistics regularly provides China’s annual GDP data to international organizations such as the United Nations, the International Monetary Fund, the Organization for Economic Cooperation and Development, and the Asian Development Bank.

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   2. Annual GDP accounting method

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  2.1 Classification system

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  In the annual GDP accounting, the industry classification is based on the China National Economic Industry Classification Standard and the three industry classification standards, and two classification methods are adopted.

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  The first classification is the classification of national economic industries, which adopts the “Classification of National Economic Industries (GB/T4754-2017)” promulgated by the National Standards Administration in 2017. Two-level classification is used in actual accounting.

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The first level classification is based on the categories of the national economic industry classification, which is divided into agriculture, forestry, animal husbandry, fishery, industry, construction, wholesale and retail, transportation, storage and postal services, accommodation and catering, and financial industries. , The real estate industry, information transmission, software and information technology services, leasing and business services, other services and other 11 industries. The industry includes mining, manufacturing, electricity, heat, gas and water production and supply industries; other service industries include scientific research and technical services, water conservancy, environment and public facilities management, residential services, repairs and Other service industries, education, health and social work, culture, sports and entertainment, public management, social security and social organizations, and other 7 sectors. The second-level classification is refined into industry categories based on the first-level classification.

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  The difference between the industry classification of the preliminary accounting of annual GDP and the industry classification of the final verification of annual GDP is mainly due to the difference in the level of refinement of the second-level classification.

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   The second classification is the three industry classifications, which are divided into primary industry, secondary industry and tertiary industry according to the “Regulations on the Classification of Three Industries” revised by the National Bureau of Statistics in 2018. Primary industry refers to agriculture, forestry, animal husbandry and fishery (excluding agriculture, forestry, animal husbandry, fishery and auxiliary activities); secondary industry refers to mining industry (excluding mining professional and auxiliary activities), manufacturing ( Excluding metal products, machinery and equipment repair industry), electricity, heat, gas and water production and supply industry, construction industry; tertiary industry is service industry, refers to other industries except primary industry and secondary industry (excluding International organizations).

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  2.2 Source of information

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  The preliminary accounting of annual GDP adopts quarterly GDP accounting methods and data sources. This section only introduces the data sources of the final verification of annual GDP.

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The first is the national statistical survey data, which refers to the various annual report data obtained by the statistical survey carried out by the national statistical system, including: agriculture, forestry, animal husbandry and fishery, industry, construction, wholesale and retail, accommodation and catering, real estate, and above-scale Service industry and other statistical survey annual report data, household survey data, population and labor wage statistics annual report data, and price statistics.

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The second is the department’s annual financial statistics, which refers to the industry’s annual financial statistics collected by the National Bureau of Statistics, the relevant administrative departments and some state-owned enterprises, such as those collected by the Ministry of Transport, the Health Commission, and Sinopec Group Corporation. Annual financial statistics of enterprises or institutions, etc.

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   The third is the financial final accounts data, which refers to the final financial accounts data compiled by the Ministry of Finance and the final accounts data of the administrative institutions affiliated to the central department.

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The fourth is the administrative records of the administrative departments, which mainly include: the relevant data of the State Administration of Taxation, the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and other administrative departments, such as the financial institutions of the People’s Bank of China on the domestic and foreign currency credit receipts and payments, the State Administration of Taxation by industry Tax information, etc.

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  2.3 Accounting method

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  The preliminary accounting method of annual GDP is the same as the quarterly GDP accounting method, so I won’t repeat it here. The following describes the final verification method of annual GDP.

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  2.3.1 Current price value-added accounting method

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   The current value added value of the four industries of agriculture, forestry, animal husbandry, and fishery is calculated by the production method, and the current value added value of the remaining industries is calculated by the income method.

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  2.3.2 Calculation method of value-added at constant price

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   The value-added at constant prices by industry is calculated using a fixed base period method. The base period is currently changed every 5 years. The base period for value-added at constant prices from 2016 to 2020 is 2015.

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  The annual constant price GDP accounting mainly adopts the price index reduction method and the volume index extrapolation method.

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  2.3.2.1 Price index reduction method

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  Using the relevant price index to directly reduce the value-added at the current price and calculate the value-added at the constant price, the calculation formula is:

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   Value-added at constant price of an industry = Value-added at current price of the industry ÷ Price index of the industry

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  2.3.2.2 Volume index extrapolation method

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  Using the growth rate of relevant volume indicators to calculate the growth rate of constant price value-added, and then use the constant price value-added growth rate of the previous year and the calculated constant price value-added growth rate to calculate the industry’s current constant price value-added value, the calculation formula is:

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   The value-added at constant price of a certain industry = the value-added at constant price of the industry last year × (1 + the growth rate of value-added at constant price of the industry)

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   Among them, the growth rate of value added at constant price is determined based on the growth rate of relevant volume indicators (such as transportation turnover, employees, etc.) in the current period, and the quantitative relationship between the growth rate of value added at constant price in previous years and the growth rate of related volume indicators.

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  3. Annual GDP data revision

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  3.1 The need for revision

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  The preliminary calculation of annual GDP is very time-sensitive, and it is generally announced about 20 days after the year. At this time, because a large number of annual financial data cannot meet the requirements of annual GDP accounting in terms of time, the basic data used to calculate the preliminary figures of annual GDP are monthly data and quarterly data. The annual GDP data calculated based on this is very large. Calculate the composition. After that, with the continuous increase of basic data, especially the annual financial data submitted one after another, according to the common practice of various countries, the GDP data should be revised in a timely manner based on more comprehensive and reliable basic data.

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  3.2 Revision procedure

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  According to the newly reformed GDP accounting and data release system of the National Bureau of Statistics, China’s annual GDP accounting is divided into two steps: preliminary accounting and final verification. The final verification is a revision of the preliminary accounting data. After conducting a national economic census and discovering new basic data that have a greater impact on GDP data, or changes in calculation methods and classification standards, the annual GDP historical data should also be revised.

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   4. Annual GDP data quality assessment

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  4.1 Evaluation of basic data

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   Regarding the professional statistical data and administrative record data used in GDP accounting, relevant professional statistical departments and administrative management departments will test their quality to ensure that the data reasonably reflect the actual situation of economic development. When the GDP accounting department obtains these basic data, it will check the completeness, comparability and accuracy of the data again to ensure that these data meet the concepts and requirements of GDP accounting.

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  4.2 Evaluation of accounting methods

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  In GDP accounting, the GDP accounting department will revise China’s annual GDP accounting method based on the actual situation of China’s continuously developing economy and the ever-improving international standards of national economic accounting to ensure the rationality of the accounting method.

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  4.3 Evaluation of accounting results

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After calculating the annual GDP data, it is necessary to check the coordination of GDP and its sub-data, GDP and other accounting data, GDP and related professional statistical data and departmental statistical data to ensure the coordination of GDP data and other major related data. And match.

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  4.4 Comparability of data

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  4.4.1 International Comparability

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   “China National Economic Accounting System (2016)” adopted the basic accounting principles, content and methods of the United Nations “System of National Accounts (2008)”, so GDP data is internationally comparable.

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   4.4.2 Time series comparability

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   After the nationwide census is carried out or the calculation method and classification standards are changed, not only the GDP data of the current year is recalculated, but also the historical GDP data is revised. Therefore, the published time series of annual GDP data since 1952 are comparable.

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   5. Release of annual GDP data

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  5.1 Release time

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  The preliminary calculation of annual GDP is generally released around January 20 of the following year, and the final verification of annual GDP is generally released in January of the following year.

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  5.2 Release method

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The preliminary calculation of annual GDP is published in the annual press conference on the operation of the national economy, the website of the National Bureau of Statistics (www.stats.gov.cn), and the “China Monthly Economic Report”; the final verification of annual GDP is on the website of the National Bureau of Statistics ( www.stats.gov.cn) is released in the form of an announcement by the National Bureau of Statistics; at the same time, the final verification of annual GDP is also published in the “China Statistical Abstract” and “China Statistical Yearbook” in the next year; National Statistical Database (http:// data.stats.gov.cn) will be updated simultaneously.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

MIL Translation OSI