BEIJING — China will start to calculate regional GDP under unified standards this year so that the combined regional GDP number will stay in line with national figures, the National Bureau of Statistics (NBS) said on Jan 10.
At the end of 2019, China will conduct a unified calculation of regional GDP for the year of 2018, while quarterly GDP data will be accounted under the unified standard starting January 2020, said Ning Jizhe, head of the NBS.
Such calculations are expected to close the current discrepancy between national and regional GDP data, resulting from different accounting methods used by local and national statistics authorities.
Analysts said that the unified calculation system would enhance data quality and facilitate an accurate understanding of the country’s economic situation.
Ning said the country will improve the unified calculation method to make it practical and comparable among different regions.
China will also accelerate the introduction of various indicators reflecting the country’s high-quality development this year, Ning said.