National Bureau of Statistics: The total current price of GDP in 2022 is 1204724 billion yuan.
The following is the original text
According to the provisions of China's gross domestic product (GDP) accounting and data release system, the annual GDP accounting includes two steps: preliminary accounting and final verification. Recently, according to the statistical annual report of the National Bureau of Statistics, the financial accounts of the Ministry of Finance and the annual financial information of relevant departments, the National Bureau of Statistics has conducted a final verification of the GDP data in 2022, and the main results are as follows:
After final verification, in 2022, the total current price of GDP will be 1204724 billion yuan, a decrease of 548.3 billion yuan from the preliminary calculationOn the basis of constant **, it is an increase of 30%, which is the same as the preliminary accounting. The data of the three industries and various industries are shown in the attached table.
The announcement is hereby made. Attachments: 1Final verified GDP in 2022 2Explanation of China's annual GDP accounting.
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December 29, 2023.
Attachments: 1
Annex 2
Explanation of China's annual GDP accounting.
1.Overview of annual GDP accounting.
1.1 Basic Concepts.
GDP is the final result of the production activities of all resident units of a country over a certain period of time. GDP is the core indicator of national accounts, and it is also an important indicator to measure a country's economic status 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 removing the value of intermediate goods and services input in the production process from the value of goods and services created in the production process to obtain added value. The formula for calculating the added value of the production method in each industry of the national economy is as follows: added value, total output, and intermediate input. The production method GDP is obtained by adding the added value of the production method of various industries of the national economy. The income method is to account for the results of production activities from the perspective of income generated by the production process. According to this calculation method, the value added is composed of four parts: workers' compensation, net production tax, depreciation of fixed assets and operating surplus. The calculation formula is: value added, workers' compensation, net production tax, depreciation of fixed assets, and operating surplus. The sum of the value-added of the various sectors of the national economy under the income method is equal to the gross domestic product (GDP) under the income method. The expenditure method is a method of calculating GDP from the point of view of the final use of the results of productive activities. Final use consists of three components: final consumption expenditure, gross capital formation, and net exports of goods and services.
GDP at constant price is to convert the GDP calculated according to the current period ** into the value calculated according to a fixed base period**, so as to eliminate the influence of the change factor, so that the value of different periods can be compared.
1.2 Accounting Scope.
1.2.1 Scope of production.
The scope of production accounted for by GDP consists of the following four components: first, the production of goods or services provided or prepared by the producer to be supplied to other units;second, the subsistence production of all goods for the producer's own final consumption or fixed capital formation;Thirdly, the subsistence production of knowledge-based products by producers for their own final consumption or fixed capital formation, excluding similar activities carried out by the household sector;Fourth, the housing services provided by owner-occupied housing, and the subsistence production of family and personal services provided by paid domestic service workers. The scope of production does not include unremunerated household and personal services, natural activities that are not controlled by the unit (e.g. wild, uncultivated forests, natural growth of wild fruits or berries, natural increase in fish populations in the high seas), etc.
1.2.2. The scope of the main body of production activities.
The scope of the main body of GDP production activities includes all permanent residence units with centers of economic interests within the territory of China's economy. The annual GDP data in this report are the national data calculated by the National Bureau of Statistics and do not include the GDP data of Hong Kong, Macao Special Administrative Region and Taiwan Province.
1.3 Accounting unit.
GDP accounting is mainly based on the legal entity as the accounting unit, in the accounting according to the main activities engaged in by the legal entity to divide it into different industries, calculate the added value of each industry separately, and then summarize the added value of each industry to obtain GDP.
1.4 Accounting Steps.
According to the requirements of the timeliness of GDP accounting, China's annual GDP should be accounted for twice, the first is the preliminary accounting of GDP, and the second is the final verification of GDP. In general, the final verification results will vary compared to the preliminary accounting.
1.4.1 Preliminary accounting.
Before 2015, China's quarterly GDP accounting adopted the cumulative accounting method, and the preliminary accounting number of GDP in the first quarter of 1 and 4 was the preliminary accounting number of annual GDP. Since the third quarter of 2015, China's quarterly GDP accounting has been changed to a quarterly accounting method, that is, the GDP data of the first quarter, the second quarter, the third quarter and the fourth quarter are calculated respectively, and then the GDP data of each quarter are added together to obtain the preliminary annual GDP accounting number. The preliminary annual GDP accounting is completed by January 20 of the following year.
1.4.2 Final Verification.
The final verification of annual GDP is generally completed by January of the following year. The final verification of annual GDP can make use of more comprehensive and reliable basic information, including the annual professional statistical report of the National Bureau of Statistics, the annual financial statistics of the department, and the financial final accounts. In the final verification process, the added value and GDP of each industry are mainly calculated using the production method or the income method based on these data.
1.5. Legal basis and institutional provisions.
GDP accounting strictly abides by the provisions of the Statistics Law of the People's Republic of China. At present, China's GDP is accounted for in accordance with the requirements of the National Accounting System of China (2016), which adopts the basic accounting principles, content and methods of the United Nations System of National Accounts (2008).
1.6 Confidentiality.
In accordance with Article 9 of Chapter 1 of the Statistics Law of the People's Republic of China, statistical agencies and statisticians shall keep confidential state secrets, commercial secrets and personal information that they learn of in the course of statistical work.
National accounts personnel shall keep the undisclosed professional statistics and administrative record data used in the GDP accounting strictly confidential, and shall also keep the current GDP data strictly confidential before the release of the GDP accounting data.
1.7 User Needs.
The domestic users of annual GDP data are mainly ** departments, research institutions, universities, industry associations, ** and the public. In addition, the National Bureau of Statistics regularly provides China's annual GDP data to international organizations such as the United Nations, the International Monetary Organization, the Organisation for Economic Cooperation and Development, and the Asian Development Bank.
2.Annual GDP accounting method.
2.1 Classification system.
In the annual GDP accounting, the industry classification is based on the industrial classification standard of China's national economy and the three industry classification standards, and two classification methods are adopted.
The first classification is the Industrial Classification of the National Economy, which adopts the Industrial Classification of the National Economy (GB T4754 2017) issued by the National Standards Administration in 2017. A two-level classification is used in actual accounting.
The first-level classification is based on the categories in the national economic industry classification, and is divided into 11 industries, including agriculture, forestry, animal husbandry, fishery, industry, construction, wholesale and retail, transportation, warehousing 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 includes mining, manufacturing, electricity, heat, gas and water production and the first industry 3 categories of industries;Other industries include 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 entertainment, public administration, social security and social organizations. The second-level classification is based on the first-level classification and is refined into industry categories.
The difference between the industry classification in the preliminary accounting of annual GDP and the industry classification in the final verification of annual GDP is mainly due to the difference in the degree of refinement of the second-level classification.
The second classification is the classification of three industries, which is divided into the primary, secondary and tertiary industries according to the Regulations on the Classification of Tertiary Industries revised by the National Bureau of Statistics in 2018. The primary industry refers to agriculture, forestry, animal husbandry and fishery (excluding agriculture, forestry, animal husbandry and fishery professional and auxiliary activities);The secondary industry refers to the mining industry (excluding mining professional and auxiliary activities), manufacturing industry (excluding metal products, machinery and equipment repair industry), electricity, heat, gas and water production and construction industryThe tertiary industry, i.e., the service industry, refers to industries other than the primary and secondary industries (excluding international organizations).
2.2 Facts**.
The preliminary annual GDP accounting adopts the quarterly GDP accounting method and data**, and only the final verification of annual GDP is introduced here.
The first is the national statistical survey data, which refers to the various annual report data obtained by the statistical survey conducted by the national statistical system, including: agriculture, forestry, animal husbandry and fishery, industry, construction, wholesale and retail trade, accommodation and catering, real estate, service industry above designated size, etc., household survey data, annual report data of population and labor wage statistics, and ** statistical data.
The second is the annual financial statistics of the department, which refers to the annual financial statistics of the industry that are collected by the National Bureau of Statistics and the relevant administrative departments and some state-owned enterprises, such as the annual financial statistics of the affiliated enterprises or institutions summarized by the Ministry of Transport, the Health Commission and Sinopec Corporation.
The third is the financial final account information, which refers to the financial revenue and expenditure final account data prepared by the Ministry of Finance, as well as the income and expenditure final account data of the administrative institutions under the ** department.
Fourth, the administrative records of the administrative departments, mainly including: the State Administration of Taxation, the People's Bank of China, the State Administration of Financial Regulation, the China Securities Regulatory Commission and other administrative departments, such as the People's Bank of China's financial institutions domestic and foreign currency credit income and expenditure information, the State Administration of Taxation tax information by industry, etc.
2.3 Accounting Method.
The preliminary accounting method of annual GDP is the same as that of quarterly GDP, and will not be repeated here. The following describes the final verification method of annual GDP.
2.3.1. Accounting method for value-added at current price.
According to the different basic data, each industry adopts the production method or the income method to calculate the added value at current prices.
2.3.2 Accounting method for value-added at constant price.
The added value at constant prices by industry is calculated using the fixed base period method, and the base period is currently changed every 5 years, and the base period of the constant price added value since 2021 is 2020.
The annual constant price GDP accounting mainly adopts the ** index reduction method and the volume index extrapolation method.
2.3.2.1 **Exponential reduction method.
The added value of the current price is directly reduced by using the relevant ** index to calculate the added value at constant price, and the calculation formula is:
The added value of an industry at constant price The added value of the industry at current price The index of the industry.
2.3.2.2 Volume index extrapolation.
The growth rate of the added value at constant price is estimated by using the growth rate of the relevant volume index, and then the added value at constant price of the previous year and the growth rate of the added value at constant price are used to calculate the added value of the industry at constant price for the current period, and the calculation formula is:
Value-added at constant prices of an industry The value-added of the industry at constant prices in the previous year (1 Growth rate of value-added at constant prices of the industry).
Among them, the growth rate of value-added at constant prices is determined according to the growth rate of relevant volume indicators (such as transportation turnover, employees, etc.) in the current period, as well as the quantitative relationship between the growth rate of value-added at constant prices and the growth rate of related volume indicators in previous years.
3.Annual GDP data revisions.
3.1 Necessity of Amendment.
The preliminary annual GDP accounting figure is very time-sensitive, and is generally released about 20 days after the year. At this time, because a large number of annual financial data cannot meet the requirements of annual GDP accounting in time, the basic data on which the preliminary annual GDP figures are based are monthly data and quarterly data, and the annual GDP data calculated on this basis has a large extrapolation component. Subsequently, as the basic information continues to increase, especially the annual financial information, the GDP data should be revised in a timely manner based on more comprehensive and reliable basic information, in accordance with the common practice in various countries.
3.2 Revision Procedure.
According to the provisions of the GDP accounting and data release system of the National Bureau of Statistics, China's annual GDP accounting is divided into two steps: preliminary accounting and final verification, which is a revision of the preliminary accounting data. The historical annual GDP data should also be revised after the national economic census is carried out and new basic data that have a greater impact on the GDP data are discovered, or the calculation methods and classification standards are changed.
4.Annual GDP data quality assessment.
4.1 Evaluation of the underlying data.
For the professional statistical data and administrative record data used in GDP accounting, the relevant professional statistical departments and administrative departments will inspect 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 check the completeness, comparability and accuracy of the data again to ensure that the data meet 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 method according to the actual situation of China's developing economy and the continuous improvement of international standards for national economic accounting, so as to ensure the rationality of the accounting method.
4.3 Evaluation of accounting results.
After calculating the annual GDP data, it is necessary to test the coordination between GDP and its sub-data, GDP and other accounting data, GDP and relevant professional statistics and departmental statistics, so as to ensure the coordination and matching of GDP data and other major relevant data.
4.4 Comparability of data.
4.4.1 International comparability.
China's National Accounting System (2016) adopts the basic accounting principles, contents and methods of the United Nations System of National Accounts (2008), so the GDP data are internationally comparable.
4.4.2. Time series comparability.
In the event of a nationwide census or a change in calculation methods and classification standards, not only the current year's GDP data will be recalculated, but the historical GDP data will also be revised. Therefore, the published time series of annual GDP data since 1952 are comparable.
5.Annual GDP data release.
5.1 Release date.
The preliminary annual GDP figure is generally released around January 20 of the following year, and the final annual GDP verification figure is released no later than January of the following year.
5.2 Publication Method.
The preliminary annual GDP calculation is presented at the annual press conference on the national economic movement, the National Bureau of Statistics (www.).stats.gov.CN), "China Economic Prosperity Monthly";The final verified annual GDP figures are available at the National Bureau of Statistics** (www.).stats.gov.cn) in the form of an announcement by the National Bureau of Statistics;At the same time, the final verified annual GDP figures are also published in the China Statistical Summary and China Statistical Yearbook of the following yearNational statistical databases (to be updated in parallel.
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