After the final verification, the total GDP in current prices in 2021 amounted to 1,149,237,000,000 Yuan, which is 556,700,000,000 Yuan more than that of the preliminary accounting; calculated at the constant prices, it is 5.6 billion Yuan more than that of the previous year growth of 8.4%, 0.3 percentage points higher than the preliminary accounting. The data of the three industries and each industry are shown in the attached table.
This is hereby announced.
Attachment: 1.Comparison of Final Verified and Preliminary Accounting of GDP in 2021
2.Explanation of China's Annual Accounting of GDP
National Bureau of Statistics (NBS)
December 27, 2022
Attachment 2
Explanation of China's Annual Accounting of GDP
1.Overview of the Annual Accounting of GDP< /p>
1.1 Basic Concepts
GDP is the final result of production activities of all resident units of a country in a certain period of time.GDP is the core indicator of national economic accounting, and an important indicator of a country's economic condition and development level.
There are three methods of GDP accounting, namely, the production method, the income method and the expenditure method, and the three methods reflect the results of the production activities of the national economy from different perspectives. The production method is a method of obtaining the value added by removing the value of intermediate goods and services invested in the production process from the value of goods and services created in the production process. The formula for calculating the value added of the production method in each sector of the national economy is as follows: value added = total output - intermediate inputs. The value added of the production method for each sector of the national economy is added together to obtain the gross domestic product of the producing country. The income method accounts for the results of productive activities from the point of view of income formation from the production process. According to this method of calculation, value added consists of four components: labor compensation, net production tax, depreciation of fixed assets and operating surplus. The formula is: value added = labor compensation + net production tax + depreciation of fixed assets + operating surplus. The sum of the value added of the income method in each sector of the national economy is equal to the income French GDP. The expenditure method is a method of calculating GDP from the point of view of the end use of the results of productive activities. End use includes final consumption expenditure, gross capital formation and net exports of goods and services.
Constant price GDP is the conversion of GDP at current prices into a value at the prices of some fixed base period, thus removing the effect of price change factors so that values are comparable over time.
1.2 Scope of Accounting
1.2.1 Scope of Production
The scope of production for GDP accounting consists of the following four components: firstly, the production of goods or services that producers supply or intend to supply to other units; secondly, the self-sustaining production of all goods used by producers for their own final consumption or fixed capital formation; and thirdly, the production of all goods used by producers for their own final consumption or fixed capital formation by producers, excluding similar activities performed by the household sector; and fourth, the subsistence production of housing services provided by owner-occupied dwellings, as well as the subsistence production of household and personal services provided by hired paid domestic service workers. The scope of production does not include unpaid family and personal services, natural activities without unit control, etc.
1.2.2 Scope of Subjects of Production Activity
The scope of subjects of GDP production activity includes all resident units with centers of economic interest within the territorial boundaries of the Chinese economy. The annual GDP data in this report are national data accounted for by the National Bureau of Statistics, and do not include the GDP data for Hong Kong, Macao Special Administrative Regions and Taiwan Province of China.
1.3 Unit of Accounting
GDP accounting mainly takes legal entities as the unit of accounting, and divides them into different industries according to the main activities they engage in, calculates the value added of each industry separately, and then summarizes the value added of each industry to obtain GDP.
1.4 Accounting Steps
According to the timeliness of GDP accounting, China's annual GDP is subject to a time-lapse process. requirements, China's annual GDP has to be accounted for twice, the first time for preliminary GDP accounting and the second time for final GDP verification. Generally speaking, the final verification results will be changed compared with the preliminary accounting.
1.4.1 Preliminary Accounting
Before 2015, China's quarterly GDP accounting used a cumulative accounting method, and the preliminary GDP accounting number for the 1-4 quarters was the annual GDP preliminary accounting number. Starting from March 2015, China's quarterly GDP accounting was changed to quarterly accounting, that is, quarter 1, quarter 2, quarter 3 and quarter 4 GDP data were accounted for, and then the quarterly GDP data were added up to get the annual GDP preliminary accounting. The preliminary annual GDP accounting is completed by January 20 of the following year.
1.4.2 Final Verification
Final verification of annual GDP is generally completed by January of the following year. The final verification of annual GDP is able to make use of more comprehensive and reliable basic information, which includes information from the annual report of specialized statistics of the National Bureau of Statistics, annual financial statistics of departments, and information from the financial accounts. In the process of final verification, the value added of each industry and GDP are accounted for mainly on the basis of these information using the production method or income method.
1.5 Legal basis and institutional provisions
GDP accounting strictly abides by the provisions of the Statistical Law of the People's Republic of China*** and the People's Republic of China. At present, China's GDP is accounted for in accordance with the requirements of the Chinese System of National Economic Accounts, which adopts the basic accounting principles, contents and methods of the United Nations System of National Accounts.
1.6 Confidentiality
In accordance with Article 9, Chapter 1 of the Statistical Law of the People's Republic of China, statistical organizations and statisticians shall keep confidential the state secrets, commercial secrets and personal information they learn about in the course of their statistical work.
National economic accountants shall maintain strict confidentiality of unpublished professional statistical data and administrative record data used in conducting GDP accounting, and shall also maintain strict confidentiality of current GDP data before the release of GDP accounting data.
1.7 User Requirements
Domestic users of annual GDP data are mainly government departments, research organizations, universities, industry associations, media and the public. In addition, the NBS regularly provides China's annual GDP data to international organizations such as the United Nations, the International Monetary Fund, the Organization for Economic Cooperation and Development, and the Asian Development Bank.
2. Annual GDP Accounting Methods
2.1 Classification System
In the annual GDP accounting, the classification of industries is based on China's National Economic Industry Classification Standard and the Three Industry Classification Standard, and adopts two classifications.
The first classification is the National Economic Industry Classification, which adopts the National Economic Industry Classification issued by the National Standards Administration in 2017. Two levels of classification are used in the actual accounting.
The first level of classification is based on the sectors in the National Economic Industry Classification, which is divided into 11 industries, including agriculture, forestry, animal husbandry and fishery, industry, construction, wholesale and retail trade, transportation, storage and postal services, accommodation and catering, finance, real estate, information transmission, software and information technology services, leasing and business services, and other industries. Among them, the industry contains three categories of industries, namely mining, manufacturing, and electricity, heat, gas and water production and supply; the other industries contain seven categories of industries, including scientific research and technical services, water conservancy, environment and public **** facilities management, residential services, repair and other services, education, health and social work, culture, sports and recreation, and public **** management, social security and social organizations. The second level of classification is based on the first level of classification and is refined into broad industry categories.
The difference between the industry classification for the preliminary accounting of annual GDP and the industry classification for the final verification of annual GDP is mainly the difference in the degree of refinement of the second level of classification.
The second classification is the tertiary industry classification, which is divided into the primary, secondary and tertiary industries based on the Provisions on the Division of the Three Industries revised by the National Bureau of Statistics in 2018. The primary industry refers to agriculture, forestry, animal husbandry and fishery; the secondary industry refers to mining, manufacturing, electricity, heat, gas and water production and supply, and construction; and the tertiary industry, or service industry, refers to industries other than the primary and secondary industries.
2.2 Sources of information
Preliminary annual GDP accounting adopts the quarterly GDP accounting method and sources of information, and only the sources of information for the final verification of annual GDP are introduced here.
One is the information from national statistical surveys, which refers to all kinds of annual information obtained from statistical surveys implemented by the national statistical system, including: the annual information from statistical surveys on agriculture, forestry, animal husbandry and fishery, industry, construction, wholesale and retail trade, accommodation and catering, real estate, and service industries above designated size, the information from household surveys, the information from the annual report of population and labor and wage statistics, as well as the information from price statistics, and so on.
The second is the annual financial statistics of the sector, which refers to the annual financial statistics of the sector collected by the National Bureau of Statistics in a unified system and the relevant administrative departments and some state-owned enterprises, such as the annual financial statistics of the enterprises or institutions under the Ministry of Transportation and Communications, the Health and Wellness Commission, and the Sinopec Group of Companies, which are summarized by the Ministry of Transportation and Communications, the Health and Wellness Commission, and the Sinopec Group of Companies, among others.
Thirdly, the information on financial accounts refers to the information on financial income and expenditure accounts compiled by the Ministry of Finance, as well as the information on the income and expenditure accounts of administrative and public institutions belonging to the central departments.
Fourth, the administrative record information of administrative departments, mainly including: the General Administration of Taxation, the People's Bank of China, the Banking and Insurance Regulatory Commission, the Securities and Futures Commission and other administrative departments of the relevant data, for example, the People's Bank of China's financial institutions of the local and foreign currency credit revenue and expenditure information, the General Administration of Taxation of the tax revenue information by sector, and so on.
2.3 Accounting Methods
The preliminary annual GDP accounting method is the same as the quarterly GDP accounting method, and will not be repeated here. The final annual GDP verification method is described below.
2.3.1 Current Value Added Accounting Methods
The current value added of the four industries of agriculture, forestry, animal husbandry and fishery is calculated using the production method, while the current value added of the remaining industries is calculated using the income method.
2.3.2 Accounting Methods for Constant Value Added
Calculation of constant value added by sub-industry adopts the method of fixed base period, which is currently changed every five years, and the base period for constant value added in 2021 is 2020.
Annual constant price GDP is accounted for mainly by the price index deflator method and the volume index extrapolation method.
2.3.2.1 Price index deflation method
Using the relevant price index to directly deflate the current price value added to calculate the constant price value added, the calculation formula is:
Constant price value added of an industry = current price value added of the industry ÷ the price index of the industry
2.3.2.2 Physical volume index extrapolation method
Using the relevant physical volume indicator The growth rate of constant value added is extrapolated to the growth rate of constant value added, and then the growth rate of constant value added and the extrapolated constant value added are used to calculate the constant value added of the industry in the current period, and the formula is:
Constant value added of a certain industry = constant value added of the industry in the previous year×
Wherein, the growth rate of constant value added is calculated based on the growth rate of the relevant quantity indexes in the current period, and the growth rate of constant value added of the previous year.
Wherein, the growth rate of constant value added is determined based on the quantitative relationship between the growth rate of relevant volume indicators in the current period, and the growth rate of constant value added in previous years.
3. Revision of Annual GDP Data
3.1 Necessity of Revision
The preliminary annual GDP accounts are highly time-sensitive, and are generally released about 20 days after the year. At this time, due to the large amount of annual financial information in time to meet the requirements of annual GDP accounting, accounting annual GDP preliminary number based on the basic information are monthly information and quarterly information, according to which the annual GDP data have a great deal of extrapolation. Subsequently, with the continuous increase of basic information, especially the annual financial information has been submitted, in accordance with the general practice of various countries, GDP data should be revised in due course based on more comprehensive and reliable basic information.
3.2 Revision Procedures
According to the provisions of the latest reform of the GDP accounting and data dissemination system of the National Bureau of Statistics (NBS), China's annual GDP accounting is divided into two steps: preliminary accounting and final verification, with the final verification being a revision of the preliminary accounting data. Historical annual GDP data are also revised after a national economic census is conducted and new basic information is found that has a major impact on GDP data, or after changes in calculation methods and classification standards.
4. Assessment of the quality of annual GDP data
4.1 Assessment of the basic data
For the statistical data of various specialties and administrative record data used in GDP accounting, the relevant specialized statistical departments and administrative departments will check their quality to ensure that the data reasonably reflect the actual situation of economic development. When the GDP accounting department obtains these basic data, it will again test the completeness, comparability and accuracy of the data to ensure that they are in line with the concepts and requirements of GDP accounting.
4.2 Evaluation of Accounting Methods
In GDP accounting, the GDP accounting department will revise China's annual GDP accounting methods in accordance with the actual situation of the ever-developing Chinese economy and based on the ever-improving international standards of national economic accounting, in order to ensure that the accounting methods are reasonable.
4.3 Evaluation of Accounting Results
After the annual GDP data are accounted for, the coordination of GDP and its sub-data, GDP and other accounting data, and GDP and related professional and sectoral statistics are examined to ensure that the GDP data and other major related data are coordinated and matched with each other.
4.4 Data Comparability
4.4.1 International Comparability
China's System of National Economic Accounts (SNA) adopts the basic accounting principles, contents and methods of the United Nations System of National Accounts (SNA), and thus GDP data are internationally comparable.
4.4.2 Time-series Comparability
When a national census is conducted or the calculation methods and classification standards are changed, not only is the current year's GDP data recalculated, but also the historical GDP data are revised. Therefore the published time series of annual GDP data since 1952 are comparable.
5. Release of Annual GDP Data
5.1 Release Time
Preliminary annual GDP accounts are generally released around January 20 of the following year, and final annual GDP verifications are released no later than January of the following year.
5.2 Release Methods
The preliminary annual GDP accounts are published in the annual press conference on the operation of the national economy, on the website of the National Bureau of Statistics (NBS), and in the Monthly Report of the China Economic Prosperity; the final verified figures of the annual GDP are published on the website of NBS in the form of announcements made by the NBS; at the same time, the final verified figures of the annual GDP are also published in the alternate year's issue of China Statistical Abstract and the China Statistical Yearbook; the national statistical database will be updated synchronously.