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National Bureau of Statistics of China stated on Tuesday about new algorithm of GDP calculation, in accordance to which new changes had been used for the previous periods.
According to the new calculation, research and development spending are calculated in a section of capital investments in main funds. After recalculation by this method, GDP for the previous years is expected to be a little higher.
For example, a quarterly growth of GDP was higher in the previous year by 1.3% than it was stated in the official report. Annual growth was higher by 0.04%.
Statistics of China notes that as research and development works take a small share of GDP, real impact of this innovation will be insignificant.
China’s economy rose in the previous year by 6.9%. China’s economy rose in Q1 by 6.7% from a year earlier.