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Accounting Method for China’s Quarterly GDP by Expenditure Approach. QIU, Qiong Dept. of National Accounts, NBS. I. Introduction. 1. Starting in 2000 2. Accumulative accounting 3. 3 levels of classification 4. Base year: year 2000, with a base year change each 5 years
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Dept. of National Accounts, NBS
First, we calculate the proportion that the total retail sale of consumer goods is in the household consumption expenditures of last year. Then, we use the proportion to calculate the quarterly household consumption expenditures.
=cash consumption expenditures of the current quarter
×the annual rural household consumption expenditures of last year/the annual rural household consumption expenditures in cash of last year
=urban household consumption expenditures from the household survey×the annual urban household consumption expenditures meeting the requirements of accounting of last year/the annual urban household consumption expenditures from the household survey of last year
1) The day-to-day professional expenditure
=the administrative and the institutional expenditure concerned of financial budget
- the expenditure transferred
- the irregular expenditure(e.g. capital construction expenditure, etc. )
=total investment in fixed assets in the whole country
+investment in fixed assets less than 0.5 million yuan
+increased fixed assets of the trial-produce of new products
+value added in selling the commercial house
+increment of intangible fixed assets
-value for purchasing old buildings and old equipments
-rate for land requisition, landpurchasing and
the related migration compensation
Quarterly increase in inventory of the initial accounting and of the initial check
=increase in inventory of industry
+increase in inventory of wholesale and retail trade
=changes of the industrial finished products in stock
+changes of the commodities of wholesale and retail trade in stock
=increase in inventory of industrial enterprises above designated size /p
p=value added of industrial enterprises above designated size/gross value added of all industrial enterprises
=increase in inventory of enterprises above designated size in wholesale and retail trade/r
r=total value of sales from commodity above the designated size/gross value of sales from commodity by all the wholesale and retail trade
First, according to data of the same period of last year, we calculate the exchange coefficients between the data of commodities’ exports and imports from the Customs’ statistics and that of goods’ exports and imports from the Balance of Payments.
Taking the year of 2005 as an example, we make benchmarking adjustments for the quarterly data of 2005 according to composition of the annual GDP by expenditure approach in 2005, i.e. we distribute annual data of the final verification to each quarter according to the proportions the quarterly (accumulated) values of indicators are in the annual data of 2005 before the final verification. In mathematical terms, there is:
We get the net exports of goods from gross exports of goods in constant prices minus the gross imports of goods in constant prices. According to the quarterly price indices of the imported and the exported commodities compiled by Customs Bureau, we calculate their simple arithmetic average number, on which we determine the price indices of the imported and of the exported goods.
In order to improve China’s quarterly GDP accounting by expenditure approach, it is necessary for us to supplement the insufficiencies of the basic information, to improve the current statistical survey system, to improve and perfect the statistical means and system, to establish the fundamental framework of the price index system and to set up a set of collecting system of statistical information supporting China’s quarterly GDP accounting by expenditure approach.