Calculation 'should include new engines of economic growth'
Facing doubts about China's latest GDP figures, officials emphasized Thursday that the nation uses scientific calculation methods that conform to international statistical standards.
Based on comprehensive surveys and censuses, the National Bureau of Statistics (NBS) has built a strong database for GDP calculation, Xu Xianchun, deputy commissioner of the NBS, said in an article posted on the bureau's website Thursday. Also, the quality of the database has improved in recent years. Xu cited such examples as online data reporting for enterprises and localized surveys in sectors such as industry, retail sales and services.
China's GDP reached 67.67 trillion yuan ($10.3 trillion) in 2015, up 6.9 percent year-on-year, the NBS said Tuesday. The growth rate was down about 0.4 percentage point from 2014 due to downward pressures on the global economy including declining trade and rising financial risks, according to NBS chief Wang Baoan.
Some institutions and media reports have questioned the accuracy of China's growth data and said the actual figures are lower. Such claims "are groundless," Xu refuted in the article.
Some analysts agreed with the NBS article.
"Those who have disputed the GDP number's authenticity didn't provide any solid evidence suggesting that the NBS fabricated the data," Liu Ligang, Hong Kong-based analyst at ANZ Research, told the Global Times Thursday.
Hong Kong-based investment analyst Peter Churchouse said in an interview with the BBC that China's GDP figures are being overstated for political reasons, according to a post published on the broadcaster's website on Tuesday. Chaos in the stock market shows that investors are disappointed with the growth figures, read the post.
"GDP data is not fully reflective of the actual economy, especially if a country is undergoing structural reforms and some factors were not fully taken into account by institutions," Liu said.
For instance, some institutions may choose to highlight manufacturing data when it comes to evaluating GDP growth. However, manufacturing only accounts for about 40 percent of GDP, so the services sector should be fully considered, he noted.
The current GDP measurement is in line with the System of National Accounts, an international standard adopted by the UN Statistical Commission, Xu's article noted.
