The three major international organizations praised China's GDP accounting reform as a contribution to the world

Recently, the heads of the United Nations Statistics Division, the Statistics Department of the International Monetary Fund, and the World Bank's Data Development Bureau have successively written to the National Bureau of Statistics, saying that China's GDP accounting reform is "a gratifying progress" and "improves the comparability of China's data with other countries." Earlier, Ivo Havinge, deputy director of the United Nations Statistics Division, called the reform "a contribution to the world."

Last month, the National Bureau of Statistics announced that R&D expenditure would be included in GDP accounting, which aroused widespread concern in Chinese and foreign public opinion. "We will further study and intensify accounting reform and promote the convergence with international standards." Dong Lihua, director of the accounting department of the National Bureau of Statistics, said in an interview with this reporter.

●Align with international standards

Last month, the National Bureau of Statistics unveiled a new GDP accounting methodology that includes R&D expenditures that bring economic benefits to owners. This move has caused great repercussions internationally. Ivo Havinge said, "China's implementation of the reform of accounting for R&D expenditure has improved the international comparability of statistics, not only to China, but also to the world. ”

Hu Angang, dean of Tsinghua University's Institute of National Studies, called the reform a "landmark event." He said that this is an important step for China's economic statistical system to move towards the latest international standards. With the help of this adjustment and revision, China will provide more comparable, usable and reliable economic data in the future global economic system, and provide a strong guarantee for improving the scientificity, effectiveness and transparency of China's economic operation.

It is understood that China's adoption of a new R&D expenditure accounting method is actually the implementation of the UN's government statistical reform. In 2009, the United Nations and other five major international organizations jointly issued new international standards for national accounts, including R&D results under fixed assets. At present, the United States, Canada and other countries have adjusted the accounting methods of R&D expenditure, and some developing countries have also carried out corresponding reforms.

●Not to maintain growth

According to data released by the National Bureau of Statistics, after the implementation of the new accounting method, China's total GDP has increased every year, including 879.8 billion yuan in 2015. Therefore, some British media said that China's reform of GDP accounting methods is to maintain growth.

"The impact of this adjustment on GDP growth is minimal." Sheng Laiyun, spokesman of the National Bureau of Statistics, said that the contribution of R&D investment to economic growth is indeed increasing, but from the past 10 years, its impact on GDP growth is only about 0.06 percentage points. Judging from the situation in the first half of this year, preliminary calculations show that the impact of this reform on GDP growth is only 0.02 percentage points, which does not affect the general trend of GDP growth of 6.7% in the first half of the year.

"In terms of growth rates, the impact of the data adjustment is minimal. Data reconciliation is a technical exercise that does not and does not achieve the purpose of maintaining growth. Song Xuguang, dean of the School of Statistics at Beijing Normal University, said.

● Promote innovation in China

Sheng Laiyun believes that the purpose of this GDP accounting reform is twofold, one is to integrate with international standards, and the other is to promote China's innovation.

Xu Yun, director of the Department of Innovation and Development of the Ministry of Science and Technology, said that although China's total annual R&D investment has jumped to the second place in the world, there are still quite a lot of historical debts in terms of cumulative investment. These historical arrears must be made up, which is the only way for China to become an innovative country.

Xu Yun said frankly that a very important reason for the insufficient investment in R&D, especially by local governments, is that R&D investment is not included in GDP accounting, and the enthusiasm of local governments is not high. The reform of the R&D expenditure accounting method can change this investment orientation and guide local governments to increase investment in R&D.

"The new R&D expenditure accounting method is in line with the reality of China's scientific and technological innovation and development, is conducive to guiding the whole society to increase R&D investment, and will play a positive role and far-reaching impact on adhering to the concept of innovative development, promoting supply-side structural reform, and implementing innovation-driven development strategies." Xu said.