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Top economic planner affirms credibility of China's macroeconomic data

Updated: Jan 03,2020 09:13 PM    Xinhua

BEIJING — China's macroeconomic data is supported by some microeconomic indicators, such as the number of new jobs, railway cargo volume and power generation and consumption, said an article on the website of the country's top economic planner.

Some 10 million new urban jobs were created in the first three quarters of 2019, while over 500 million trips were made during the National Day holiday. These indicators are manifestations of the steady 6.2 percent GDP growth registered in the first three quarters, the National Development and Reform Commission (NDRC) said in the article.

Skepticism about the authenticity of China's GDP growth and other economic data is common, but is misleading and doesn't hold water, said the NDRC.

The "unofficial data" quoted by foreign media have defects, said the NDRC. Methods they applied, like satellite remote sensing and composite indexes, essentially belong to big data analysis, which may lead to inaccurate results due to difficulties in quality control.

The Chinese government uses three methods to calculate GDP, has built a statistical mechanism tracking the growth of the new economy, and is promoting unified regional calculation of GDP. A string of steps has enabled the country's economic accounting to match international practices, it said.

China's large economy provides it with scale advantages and confidence to pursue high-quality development, the NDRC said.