Facing economic slowdown, China today announced plans to reform its quarterly GDP accounting system to trace information better on short-term economic fluctuations.
From the third quarter this year, China's quarterly GDP will be accounted separately, namely Q1 GDP; Q2 GDP; Q3 GDP; and Q4 GDP, instead of being accounted cumulatively like Q1 GDP; Q1-Q2 GDP; Q1-Q3 GDP; and Q1-Q4 GDP, according to an NBS statement.
The result of the quarterly GDP calculation will be released every quarter to the public, it said.
The new system can measure quarterly GDP more accurately, trace short-term economic fluctuations more quickly and provide better data references for economic analysis and macro-control, NBS deputy head Xu Xianchun said.
The old system, which China adopted in 1992, makes way for a system in line with international standards, Xu was quoted as saying by state-run Xinhua news agency.
