The head of the National Bureau of Statistics' Accounting Department answers questions from reporters on the revision of the 2023 GDP data.

On December 27, the person in charge of the National Bureau of Statistics' Calculation Department answered questions from reporters regarding the revision of the GDP data for 2023. They stated that based on changes in the basic data after the economic census and reforms in the calculation method for urban residents' own housing services, the National Bureau of Statistics revised the preliminary calculation of the 2023 GDP according to the annual GDP calculation plan for the economic census. After the revision, the GDP for 2023 was 1294272 billion yuan, an increase of 336.9 billion yuan from the preliminary calculation, with a growth rate of 2.7%. Among them, based on the revision of the data from the fifth economic census, the GDP increased by 202.57 billion yuan, with a growth rate of 1.6%; the implementation of the reform in the calculation method for urban residents' own housing services increased the GDP by 134.33 billion yuan, with a growth rate of 1.1%. The original text is as follows: The person in charge of the National Bureau of Statistics' Calculation Department answers questions from journalists about the revision of the 2023 GDP data On December 27, 2024, the National Bureau of Statistics issued the "Announcement of the National Bureau of Statistics on the Revision of the 2023 Gross Domestic Product Data," and the person in charge of the Calculation Department of the Bureau accepted an interview with the China Information News. Question: Why revise the national GDP data for 2023 after the fifth national economic census? Revising GDP data is an internationally accepted practice and a longstanding practice of our government statistics. According to China's current national economic accounting system, the annual GDP of China needs to be calculated twice. The first calculation is the preliminary calculation, mainly using progress statistics and departmental administrative records due to limitations in data sources. The second is the final verification of the GDP, based on annual statistical data, financial settlement data, and departmental administrative records, to revise the preliminary calculation. In the year of the economic census, the preliminary calculation of the GDP for that year needs to be revised based on the data from the economic census. 2023 was the year of the fifth national economic census (referred to as the Fifth Economic Census). This census covered all legal entities, industrial units, and individual operators engaged in the secondary and tertiary industries in China. The national economic census provided comprehensive, rich, and accurate basic data for GDP calculation. Based on the data from the economic census and relevant departmental information, the National Bureau of Statistics revised the preliminary calculation of the 2023 GDP according to the GDP calculation method for the year of the Fifth Economic Census. In addition, considering that the conditions for the reform of the calculation method for urban residents' own housing services in China are mature, during this revision process, the calculation method for urban residents' own housing services was changed from the cost method to the rental method, and the GDP data was revised simultaneously. Question: Why implement the reform of the calculation method for urban residents' own housing services? How will GDP change after the reform? According to international standards for national economic accounting, residential housing services owned by residents need to be included in GDP calculations. Since there are no actual leasing transactions for residential housing services owned by residents and no actual market prices, their service value needs to be calculated. Countries around the world adopt the rental or cost method to calculate the value-added of residential housing services owned by residents based on their own national conditions. Both the rental and cost methods comply with international standards. In the past, due to the underdeveloped rental housing market in China and the lack of representative rental data, China has always used the cost method to calculate the value-added of residential housing services owned by residents. In recent years, China's urban housing rental market has gradually matured, and the relevant statistical monitoring system has been continuously improved. It is now feasible to change the calculation method for urban residents' own housing services from the cost method to the rental method, and most major economies around the world use the rental method. Reforming the current calculation method for urban residents' own housing services in China can more accurately reflect the country's economic development and further improve the scientificity and international comparability of GDP data. In terms of the calculation results, after using the rental method to calculate the value-added of urban residents' own housing services, the value added in 2023 increased by 134.33 billion yuan, resulting in a corresponding increase in the GDP for 2023. Question: After the revision of the 2023 national GDP data, what changes will there be in the total GDP, structure, etc.? Based on changes in the basic data after the economic census and reforms in the calculation method for urban residents' own housing services, the National Bureau of Statistics revised the preliminary calculation of the 2023 GDP according to the annual GDP calculation plan for the economic census. After the revision, the GDP for 2023 was 1294272 billion yuan, an increase of 336.9 billion yuan from the preliminary calculation, with a growth rate of 2.7%. Among them, based on the revision of the data from the fifth economic census, the national GDP increased by 202.57 billion yuan, with a growth rate of 1.6%; the implementation of the reform in the calculation method for urban residents' own housing services increased the GDP by 134.33 billion yuan, with a growth rate of 1.1%. After the 2023 GDP data revision, there were some changes in the structure of the three industries. The added value of the primary industry accounted for 6.9% of the GDP, a decrease of 0.2 percentage points from the preliminary calculation; the added value of the secondary industry accounted for 36.8% of the GDP, a decrease of 1.5 percentage points from the preliminary calculation; the added value of the tertiary industry accounted for 56.3% of the GDP, an increase of 1.7 percentage points from the preliminary calculation. The added value of the tertiary industry in the GDP further increased. Question: How will the revision of the national GDP data after the Fifth Economic Census affect the GDP growth rate in 2024? According to China's current GDP calculation method, the annual GDP preliminary calculation mainly uses the speed calculation method based on relevant indicators. In other words, the growth rate of value-added of each industry is calculated first based on the growth rate of relevant professional indicators, and then the total value added for that year is calculated based on the growth rate of value added and the value added of the previous year. Generally, revising the GDP data for a certain year will affect the total GDP of the following year but will not significantly affect its growth rate. When calculating the GDP preliminary in 2024, the revised GDP data for 2023 will be used as the base, and different industry-related indicators will be used to calculate the growth rate. Therefore, although the revised GDP data for 2023 has increased in total, it will not have a significant impact on the GDP growth rate in 2024. Looking at the cases of previous four economic censuses, data revisions have not had a significant impact on the GDP growth rate in subsequent years.After the revision of national GDP data in 2023, should historical GDP data be revised? According to the national economic accounting system and international practices, when the basic data, accounting methods, and classification standards used for calculating GDP are updated or changed, it is necessary to revise the historical GDP data. After the Fifth Economic Census, the National Bureau of Statistics will revise the historical GDP data based on the 2023 GDP revision results and the revised method for calculating self-owned housing services for urban residents after the reform. Due to the large amount of work involved in revising GDP historical data, this work is currently in progress. Once the revision of GDP historical data is completed, it will be announced on the website of the National Bureau of Statistics. Question: After the Fifth Economic Census, the 2023 national GDP data has been revised, will the regional GDP data also be revised at the same time? When will the related revision results be released? After this census, we will revise not only the historical data of Gross Domestic Product (GDP), but also the historical data of Regional Gross Domestic Product (GDP). Currently, the National Bureau of Statistics is systematically revising the preliminary estimates and historical data of Regional Gross Domestic Product (GDP) for each province, autonomous region, and municipality directly under the central government. After the revision, the final verified data for the 2023 Regional Gross Domestic Product will be authorized by the National Bureau of Statistics and published by each regional statistical bureau in January 2025 when the preliminary estimates for the full-year 2024 Regional Gross Domestic Product are released. The results of the revision of the historical data of Regional Gross Domestic Product will be announced in the second half of 2025 through the National Bureau of Statistics data release database and various regional statistical yearbooks. This article is selected from the National Bureau of Statistics, edited by GMTEight: Chen Wenfang.