China's official GDP amounted to 56.9 trillion yuan (9.3 trillion US dollars) in 2013. However, the aggregate of the provincial GDP figures, which were independently calculated and released, was about 2 trillion yuan more than the 56.9-trillion-yuan figure arrived at by the NBS, even though three of the 31 localities that were yet to release the figures were not included.
This has aroused suspicion among Chinese netizens that some growth-obsessed local officials have cooked the books. Actually, the combined economic output of China's provinces has long exceeded that of the national level compiled by the NBS.
For 2011, the aggregate GDP figure of all localities was 4.6 trillion yuan more than the NBS tally of 47.1 trillion yuan. In 2012, the aggregate figure was 5.76 trillion yuan higher than the total of 51.93 trillion.
The New York Times notes that China is working to correct statistical reporting differences between the provinces and the national figure.
Jim O'Neill (who wrote The BRIC Road to Growth and invented the term BRIC) notes that data might well not be the most accurate but for a country that is changing so much and so quickly, how would it be possible for the statisticians to keep up?
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Nextbigfuture notes that there are several ways that it is tough to get an exact read of China's economic size.
1. There is shadow economy where people hide bribes and other activity and this could add about 15% to China's economy
2. The currency is generally accepted to being manipulated and held to a lower value than it would otherwise be. If this changes in the future then China will rapidly become larger in exchange rated terms
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This has aroused suspicion among Chinese netizens that some growth-obsessed local officials have cooked the books. Actually, the combined economic output of China's provinces has long exceeded that of the national level compiled by the NBS.
For 2011, the aggregate GDP figure of all localities was 4.6 trillion yuan more than the NBS tally of 47.1 trillion yuan. In 2012, the aggregate figure was 5.76 trillion yuan higher than the total of 51.93 trillion.
The New York Times notes that China is working to correct statistical reporting differences between the provinces and the national figure.
Jim O'Neill (who wrote The BRIC Road to Growth and invented the term BRIC) notes that data might well not be the most accurate but for a country that is changing so much and so quickly, how would it be possible for the statisticians to keep up?
Nextbigfuture notes that there are several ways that it is tough to get an exact read of China's economic size.
1. There is shadow economy where people hide bribes and other activity and this could add about 15% to China's economy
2. The currency is generally accepted to being manipulated and held to a lower value than it would otherwise be. If this changes in the future then China will rapidly become larger in exchange rated terms
Read more »
