National Accounts |
Brief Introduction |
Statistics
on national accounts include mainly four components, namely,
gross domestic product, input-output table, flow of fund table and balance
of payment. |
I. Gross
Domestic Product |
The
data on GDP and its industrial composition are calculated by the Department
of National Economic Accounting, National Bureau of Statistics (NBS) with various
approaches in the light of the features of various sectors and the data
sources. The value added in some sectors is calculated with the production
approach. The value added in other sectors is calculated with the income
approach. Finally, the GDP is the result of the sum of the value added of various
sectors. This is the standard data of GDP. the GDP
calculated with the expenditure approach equals to the sum of final
consumption, total capital formation and the net export of goods and services.
However, the GDP data obtained with expenditure approach is not equal to the standard
data of GDP calculated with the method mentioned above. The difference
between the two figures is called statistical discrepancy. To avoid confusion
in use the concerned indicators, the following names of the indicators are
stipulated by the Department of National Economic Accounting, NBS: (1) the GDP calculated with the production approach
and the income approach is simply called GDP; (2) the index of GDP calculated
with the production approach and the income approach is simply called the index
of GDP; (3) the GDP calculated by expenditure approach is called GDP
calculated with expenditure approach. The gross national product can be
calculated as the sum of the standard data of GDP and the net factor income
from abroad. |
Data on
the national accounts of the latest year published in the yearbook are not
final and are subject to changes. When it happens to be a census year, the data
of GDP of the past years may also be revised. In 1995, the GDP figures of the
past years were adjusted in accordance with the result of the first tertiary
industry census. Data published in this yearbook are the adjusted data. |
Regional
data in this yearbook are prepared according to the data of national accounts
provided by the statistical bureaus of the provinces, autonomous regions and municipalities
directly under the central government. The sum of the regional data is not
equal to the national total. |
II. Input-output Table |
The
1997 input-output table of |
1) in terms of the layout of the table, the 1997 input-output
table of |
2) in terms of indicators selected for the table, nomenclature
and concepts of indicators in the 1997 input-output table of |
3) in terms
of the size of the table, the size and classification of the 1997
input-output table is designed in line with the new ndustrial
classification of China Industrial Classification and Codes of the National
Economy, GB/T4754-94, in order to meet the needs of Chinas economic
development and the macroeconomic analysis. It is, on the one hand, fully
compatible with the current accounting and statistics coverage, and on the other
hand, basically comparable with the main category classification of the 1992
input-output table. The 1997 input-output table has 124 industries,
or 5 industries more than the 1992 table. It is worth mentioning that the industries
are designed in line with the principles of the industrial classification of
the 1997 input-output table, rather than a simple change in the number of industries
out from the 1992 input-output table. Among the 124 industries, there are 5
industries for agriculture, 8 industries for mining and quarrying, 72
industries for manufacturing, 1 industry for wastes and residuals, 3
industries for the production and supply of power, gas and water, 1
industries for construction, 10 industries for the material and non-material
sectors of transportation, 1 industry for storage, 2 industries for post and telecommunications,
2 industries for trade and catering service, and 19 industries for other
services. |
The
1997 input-output table of |
Reflecting
the sources of the input into, and the utilization
of the output from production by various industries of the national economy, the
input-output table constitutes an important part of the new national economic
accounting system of |
Quadrant
II is the vertical extension of Quadrant I. It has the same row headings with
Quadrant I, and its column headings consist of various components of final
use such as final consumption, gross capital formation and net exports. This
part of the input-output table describes the quantity and structure of goods
and services produced by different industries that are allocated to final
uses, representing the distribution and redistribution of the gross national
product beyond the production process. Quadrant I and Quadrant II together
represent the uses of goods and services produced by industries, i. e. the
quantity of intermediate use and final use. |
Quadrant
III is the horizontal extension of Quadrant I. It has the same column
headings with Quadrant I and its row headings consists of primary input such
as depreciation of fixed capital, compensation of labour, net taxes of production
and operating surplus. This part of the input-output table illustrates the composition
of value-added (i. e. the primary input) of various industries, representing
the primary distribution of the gross national product). |
Quadrant
I and Quadrant III together represent the source of input of industries in
the production process and the value component of their products, i. e. the
quantity of intermediate input and value-added. Inter-connected with each
other, the 3 quadrants of the input-output table comprehensively and systematically
reflect the relations (both the aggregate and the structure) between
different industries from production to final use. |
|
III.
Flow of Fund Table |
Similar
to internationally accepted format, the flow of fund table of |
The
physical (real) transaction part of the table is compiled by disaggregating
macroeconomic data. On the basis of the national accounts, statistics
collected by the National Bureau of Statistics on various subject areas are
used in conjunction with available statistics on public finance, banking, taxes, foreign exchanges and business administration, and with data
from special surveys. The process involves tabulation, disaggregation,
adjustment, verification
and consolidation of data from different sources. |
The
financial transaction part of the table is compiled mainly using accounting
data of banks and other financial institutions, supplemented by special
surveys and estimation. Data used include accounting and business reports of financial
institutions, statistics on credits and loans, profits and losses statements,
profits distribution reports, statistics on the financial transactions with the
rest of the world, statistics on the issue and transfer of securities, balance
of payment statistics, statistics on the circulation of currencies, etc. |
IV. Balance of Payment Table |
The
balance of payment table in this chapter was compiled by the Balance of Payment
Department of the State Administration of Foreign Exchanges. |
Efforts
on establishing Chinas balance of payment statistics started in 1980. The
concepts, principles and framework of statistics on balance of payment were
mainly taken from the 4th edition of the Manual on Balance of Payment by the International
Monetary Fund (IMF), with certain modifications that took into consideration
of the planned economic system prevailing at that time in |