“Accounting Adjustment” Should Help China’s GrowthRupert Hargreaves
This week China announced that it will adopt the current System of National Accounts (SNA) 2008 standard for GDP calculation.
The country’s National Bureau of Statistics (NBS) announced on July 5 that it would adopt the new standard, and it has immediately improved economic growth. Indeed, under the new method the size of the "new" economy is larger than previously estimated as the SNA standard treats R&D expenditure as part of capital formation.
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