SHANGHAI, April 15, 2016 (Xinhua) -- This aerial photo taken on March 29, 2016 shows a view of the free trade zone in Shanghai, east China. China's GDP stood at 15.9 trillion RMB yuan (2.4 trillion U.S. dollars) in the first quarter this year, growing up by 6.7 percent year on year, the National Bureau of Statistics said on April 15, 2016. (Xinhua/Ding Ting)
BEIJING, July 5 (Xinhua) -- China's National Bureau of Statistics (NBS) has begun using a new method of calculating GDP that it says "better reflects the contribution of innovation to economic growth."
Research and development expenditure that can bring economic benefit to companies will no longer be calculated as intermediate consumption, but as fixed capital formation, the NBS said in a statement.
It will use the method for future GDP calculations, and has also recalculated all the figures dating back to 1952.
Recorded GDP growth rates have changed slightly as a result. For instance, the growth rate for 2015 remained at 6.9 percent, revised up by 0.04 percentage point.
Related:
Commentary: China's economy a lot better than bears think
BEIJING, April 15 (Xinhua) -- China bears should now take a break. New indicators have proved once again that pessimism over the Chinese economy is overplayed and misplaced. Full story
China's economy slows again amid signs of stabilizing
BEIJING, April 15 (Xinhua) -- China's economy continued to slow in the first quarter of 2016, official data showed on Friday, but several key indicators pointed to signs of stabilizing.
The country's GDP grew 6.7 percent year on year to reach 15.9 trillion yuan (2.4 trillion U.S. dollars), according to the National Bureau of Statistics (NBS). Full story
China's industrial production growth quickens in Q1
BEIJING, April 15 (Xinhua) -- China's value-added industrial output, an important economic indicator, expanded 5.8 percent year on year in the first quarter of 2016, accelerating from the 5.4-percent increase for the January-February period, official data showed on Friday.
In March alone, industrial output rose 6.8 percent from a year earlier, the highest growth since June, according to the National Bureau of Statistics (NBS). Full story