The Chinese GDP accounting and data issuing system is being brought in line with international practice after a series of reforms. Therefore, learning about the significant several revisions of GDP historical data is helpful to know the importance of the reform of GDP accounting and data issuing system.

Two important supplements

The GDP accounting initiated from 1985. In order to satisfy the continuity and comparability of data required by macroeconomic analysis and management, two important supplements to the GDP historical data was carried out in China. The first one was for the data of 1978-1984 after the reform and opening up and the second one was for the GDP production accounting before the reform and opening up, including GDP usage accounting.

One important adjustment

The first important adjustment of GDP data was carried out during 1994 and 1995 after the first general survey for tertiary industry in China. The time range of adjustment referred 16 years from 1978 to 1993. The content of adjustment included the adjustment of added value of each industrial department in tertiary industry, total volume of GDP, final consumption and GDP total volume in expenditure approach.

Three important revisions

The first one was the revision of annual data. The growing rate of 1994 GDP was adjusted from 11.8% to 12.6%. The second one was for the effect of SARS on service industry. The GDP data of the second quarter and the first half of 2003 were revised. The third one was the overall revision to all the economic indexes after the first economic general survey.