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# National Bureau of Statistics of PRC - PowerPoint PPT Presentation

National Bureau of Statistics of PRC. Improvements on the Issues of 12 th Workshop: Finance, Health, Education and Owner Occupied Dwelling Estimation . LU Feng Department of National Accounts, NBS 30 Nov., 2009 Haikou, China. Finance: Banking Industry. 1. FISIM Estimation

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Improvements on the Issues of 12th Workshop: Finance, Health, Education and Owner Occupied Dwelling Estimation

LU Feng

Department of National Accounts, NBS

30 Nov., 2009 Haikou, China

1. FISIM Estimation

From 2008, the NBS begins to use reference rate approach to calculate the FISIM, which is an important improvement in the GDP estimation of China.

1. FISIM Estimation

Old method:

FISIM = (Loan interest revenue - Deposit interest expense)

+(Revenue from transactions with financial institutions

- Expense from transactions with financial institutions)

+ Investment revenue

+ Rental revenue

1. FISIM estimation

New method:

FISIM for the depositors = Annual average deposits of financial institutions × Reference rate – Actual interest payment of deposits

FISIM for the borrowers = Actual interest income of loans – Annual average loans of financial institutions ×Reference rate

1. FISIM estimation

New method:

Total FISIM = FISIM for the depositors + FISIM for the borrowers

Where,

Reference rate = (Deposit rate + Loan rate) ÷ 2

2. The central bank of China – the People’s Bank of China now is treated as enterprise institution in GDP estimation. Before, it was treated as government institution.

The real value-added estimation of securities now uses volume extrapolation approach instead of single deflation approach.

Old method:

where the deflator is equal to the weighted average of CPI and IPI (Investment Price Index).

New method:

× Stock transaction volume index

2. Nominal VAD is subdivided into more detailed level to calculate. According to the Second Economic Census’s data, value added of securities is subdivided into three parts, which are securities, fund and futures.

3. The treatment of stamp duty on securities transactions is improved. Now only stamp duty of securities transactions paid by agencies is treated as production tax of securities, not including stamp duty on securities transactions paid by individuals.

Real VAD estimation still uses the single deflation method, but the deflator is improved.

Old method:

Deflator = Weighted average of CPI and IPI

New method:

Deflator = (Investment revenue / Insurance output) × Deflator of securities + [(Insurance output － Investment revenue) ÷ Insurance output] × Weighted average of CPI and IPI

Real VAD estimation still uses the single deflation method, but the deflator is improved.

In the old method, the deflator was the health care and personal articles price index, while in the new method the deflator is the health care price index.

As education includes both market activities and nonmarket activities, now we use the average of deflation method result and quantity extrapolation method result as the real VAD result of education.

Old method:

New method:

Where,

number index

The real value-added estimation of Owner Occupied Dwellingnow uses volume extrapolation approach instead of single deflation approach.