Brief Introduction

Statistics on national accounts include mainly four parts, namely, gross domestic product, input-output table, flow of funds table and balance of payments table.

I. Gross Domestic Product

Data on GDP are computed by the Department of National Accounts of the National Bureau of Statistics (NBS) based on different approaches in the light of the different features of various sectors, various expenditure structures and different data sources. Gross National Income (GNI) can be calculated on the basis of GDP on top of which is added the net factor income from abroad.

Data on GDP and related indicators of the most recent year published in the Yearbook are not final and are subject to changes when more information from financial data and administrative records become available. Where a census has been conducted, historical data of GDP of the previous years may also undergo change. In 2005, based on data from the first China Economic Census and in accordance with the requirements of the “Programme of Compilation of GDP for the Year of the Economic Census”, GDP data for the Economic Census Year (i.e. 2004) were re-compiled. Furthermore, using the trend deviation approach, the historical series of GDP data were revised. The approach was as below: the historical trend values were first calculated with data from the census; next, the ratio between the actual value of historical data and the trend value of historical data was calculated; and finally the ratio was applied to the historical trend values obtained from the census data to obtain the revised series of historical data. Besides, in accordance with the application of the “National Economic Classification GB/T4754-2002”, adjustment was also made to the historical data on GDP by industry. Services in support of agriculture, forestry, husbandry and fishery services are classified into the Primary Industry. In the Tertiary Industry, Transport, Storage and Postal Services do not include telecommunications but do include public transport in cities; and Wholesale and retail trades do not include restaurants and catering any more. Data for 2005 and beyond are articulated with the revised historical data.

Regional data in this Yearbook are prepared from the national accounts data provided by the statistical bureaus of the provinces, autonomous regions and municipalities. The sum of the regional data is not equal to the national total due to the decentralized accounting approach.

II. Input-output Table

The Input-output table may be viewed as a table showing sector relationships and balances or one showing sector output relationships. Reflecting the sources of the input into, and the utilization of the output from, the production by various industries of the national economy, the input-output table takes the form of a chess-board shaped matrix format , and is used to reveal, in quantitative terms, the interrelated and mutually dependent economic and technological relationships among industries. The input-output table of China is compiled by the Department of National Accounts of the National Bureau of Statistics.

III. Flow of Funds Table

Similar to internationally accepted format, the Flow of Funds table of China constitutes a matrix of institutional sectors by transaction items. Items of transactions are expressed as row headings representing forms of distribution and methods of financing. Institutional sectors are shown as column headings, grouped by the characteristics of the transactors. There are 5 groups of institutional sectors in the flow of funds table, namely, non-financial corporations, financial institutions, general governments, households, and the rest of the world. Under each sector there are 2 headings: sources of funds and uses of funds. The current flow of funds table is composed of two parts: the first part, comprising the physical (real) transactions, is compiled by the Department of National Accounts of the National Bureau of Statistics; and the second part, comprising financial transactions, is compiled by the Research and Statistics Department of the People’s Bank of China.

IV. Balance of Payments Table

The Balance of Payments Table is compiled by the Balance of Payments Department of the State Administration of Foreign Exchanges in accordance with the 5^th edition of the Manual on Balance of Payments prepared by the International Monetary Fund.