China is not a subscriber to the International Monetary Fund's Special Data Dissemination Standard (SDDS). China, however, participates in the IMF's less stringent General Data Dissemination System (GDDS). While China's economic statistics are adequate for surveillance purposes, weakness remain in the quality of the data, including coverage, frequency and timeliness. Nevertheless, China has made significant strides in bringing its economic and financial statistics into line with international good practice. In a 2004 Article IV Consultation report by the IMF, the Chinese authorities indicated that they would continue to make improvements in statistics in the context of their participation in GDDS, and expressed interest in subscribing to the SDDS in the future.

General Overview

China is not a subscriber to the Special Data Dissemination Standard (SDDS). China, however, participates in the International Monetary Fund's (IMF) less stringent General Data Dissemination System (GDDS). (IMF GDDS website; IMF SDDS website)

While China's economic statistics are adequate for surveillance purposes, weakness remain in the quality of the data, including coverage, frequency and timeliness. Nevertheless, China has made significant strides in bringing its economic and financial statistics into line with international good practice. In April 2002, China began participation in the International Monetary Fund's General Data Dissemination System (GDDS) and its metadata were posted on the IMF's Dissemination Standards Bulletin Board (DSBB). (IMF 2006, p. 51)

As in other countries, rapid economic change in China, including the expansion of the non-state sector, presents new problems for data compilation. The ability to change the collection of data is restricted by the decentralized nature of the statistical system. Extensive technical assistance has been provided from multilateral and bilateral institutions. Nevertheless, in a 2004 Article IV Consultation report by the IMF, the Chinese authorities indicated that they would continue to make improvements in statistics in the context of their participation in GDDS, and expressed interest in subscribing to the SDDS in the future. (IMF 2006, p. 51; IMF 2004, p. 23)

The Statistics Law of the People's Republic of China amended in 1996 lays out the basic principles for all agencies in conducting statistical work in China. In particular, Article 15 of Chapter 3 stipulates procedures related to the confidentiality of individual responses and business information, Articles 26-31 of Chapter 5 stipulate legal implications and measures related to misreporting and tampering reported data as well as releasing data without approval. (IMF GDDS website)

Article 27 of the Statistics Law of the People's Republic of China has provisions for administrative sanctions and fines for 'making false entries in statistical data,' 'falsifying or tampering with statistical data,' or 'refusing to submit statistical reports.' (IMF GDDS website)

The Principles

Comprehensive economic and financial data, disseminated on a timely basis.

NC

China is not a subscriber to the Special Data Dissemination Standard (SDDS). China, however, participates in the International Monetary Fund's (IMF) less stringent General Data Dissemination System (GDDS). (IMF GDDS website; IMF SDDS website)

While China's economic statistics are adequate for surveillance purposes, weakness remain in the quality of the data, including coverage, frequency and timeliness. Nevertheless, China has made significant strides in bringing its economic and financial statistics into line with international good practice. In April 2002, China began participation in the International Monetary Fund's General Data Dissemination System (GDDS) and its metadata were posted on the IMF's Dissemination Standards Bulletin Board (DSBB). (IMF 2006. p. 51)

In a 2004 Article IV Consultation report by the IMF, the Chinese authorities indicated that they would continue to make improvements in statistics in the context of their participation in GDDS, and expressed interest in subscribing to the SDDS in the future. (IMF 2004, p. 23)

Data on the expenditure components of Gross Domestic Product (GDP) are not available on a quarterly basis. Nevertheless, the National Bureau of Statistics (NBS) has made a number of improvements to the range and quality of national accounts data, including quarterly estimates of the GDP by industry and estimates of GDP by type of expenditure. Further improvements are intended, including the adoption of the 1993 System of National Accounts, further development of income and expenditure data, and improvements to quarterly GDP estimates. However, no target dates have been set. (IMF 2006. p. 51)

Labor market statistics - including employment and wage data - are not comprehensive, and are only available on an annual basis, with considerable lag. Furthermore, serious data shortcomings continue to hamper fiscal analysis. In recent years, improvements have been made in the classification of accounts of the monetary authorities and banking institutions. (IMF 2006. pp. 52-53)

The publication of a quarterly statistical bulletin by the People's Bank of China (PBC) has significantly improved the timing and coverage of publicly available data on the monetary accounts and the main real sector indicators. However, the monthly statistical publications do not contain many time series (e.g. unemployment) or the disaggregation necessary for analysis. Moreover, several important time series, particularly on the main fiscal variables, are not released in a systematic and timely manner. Extensive annual economic data are available in various statistical yearbooks, but these are published nine months or more after the end of the year. (IMF 2006, p. 55)

Ready and equal access to official statistics.

NC

China is not a subscriber to the Special Data Dissemination Standard (SDDS). China, however, participates in the International Monetary Fund's (IMF) less stringent General Data Dissemination System (GDDS). (IMF GDDS website; IMF SDDS website)

While China's economic statistics are adequate for surveillance purposes, weakness remain in the quality of the data, including coverage, frequency and timeliness. Nevertheless, China has made significant strides in bringing its economic and financial statistics into line with international good practice. In April 2002, China began participation in the IMF's General Data Dissemination System (GDDS) and its metadata were posted on the IMF's Dissemination Standards Bulletin Board (DSBB). (IMF 2006. p. 51)

In a 2004 Article IV Consultation report by the IMF, the Chinese authorities indicated that they would continue to make improvements in statistics in the context of their participation in GDDS, and expressed interest in subscribing to the SDDS in the future. (IMF 2004, p. 23)

With its participation in the GDDS, the PBC has made a commitment to prepare an advance release calendar for data release and use more channels to disseminate data. (OA 2005a, p. 61)

There has been an improvement since 2004 in terms of the availability of information, particularly in English. For example, the quarterly monetary report contains a greater degree of information than previously, and the China Banking Regulatory Commission (CBRC) provides additional information on non-performing loans of state-owned banks. Data is more accessible than it used to be, and it is perceived that both the People's Bank of China (PBC) and the Ministry of Finance (MoF) are gradually keeping the media better informed of developments. (OA 2005a, p. 54)

In recent years, improvements have been made in the classification of accounts of the monetary authorities and banking institutions. The most notable progress made by the PBC on monetary statistics is as follows: (1) expanding the coverage of financial institutions; (2) adjusting the classification of financial corporations; (3) improving the "all accounts" reporting system and (4) improving its data dissemination following the GDDS recommendations, such as disseminating advance release calendars on the PBC's websites, and reporting to the IMF using the integrated correspondence system. (IMF 2006. pp. 52-53)

Official statistics must have the confidence of their users. Transparency of its practices and procedures is a key factor.

NC

China is not a subscriber to the Special Data Dissemination Standard (SDDS). China, however, participates in the International Monetary Fund's (IMF) less stringent General Data Dissemination System (GDDS). (IMF GDDS website; IMF SDDS website)

China has made significant strides in bringing its economic and financial statistics into line with international good practice. In April 2002, China began participation in the IMF's General Data Dissemination System (GDDS) and its metadata were posted on the IMF's Dissemination Standards Bulletin Board (DSBB). (IMF 2006. p. 51)

In a 2004 Article IV Consultation report by the IMF, the Chinese authorities indicated that they would continue to make improvements in statistics in the context of their participation in GDDS, and expressed interest in subscribing to the SDDS in the future. (IMF 2004, p. 23)

A set of standards that deals with the coverage, periodicity and timeliness of data must also address the quality of statistics.

NC

China is not a subscriber to the Special Data Dissemination Standard (SDDS). China, however, participates in the International Monetary Fund's (IMF) less stringent General Data Dissemination System (GDDS). (IMF GDDS website; IMF SDDS website)

While China's economic statistics are adequate for surveillance purposes, weakness remain in the quality of the data, including coverage, frequency and timeliness. Nevertheless, China has made significant strides in bringing its economic and financial statistics into line with international good practice. In April 2002, China began participation in the IMF's General Data Dissemination System (GDDS) and its metadata were posted on the IMF's Dissemination Standards Bulletin Board (DSBB). (IMF 2006. p. 51)

In a 2004 Article IV Consultation report by the IMF, the Chinese authorities indicated that they would continue to make improvements in statistics in the context of their participation in GDDS, and expressed interest in subscribing to the SDDS in the future. (IMF 2004, p. 23)