China announced today that it had revised its 2013 economic data, adding 3.4% for a final total of 58.8019tn yuan (about US$9.61tn) - the revision is valued at $308bn and the national statistics office says it puts China's GDP (gross domestic product) at 56.5% of the size of the US economy.
The upward revision, based on more comprehensive data on the manufacturing and service sectors following China's twice-a-decade economic census, will not affect economic growth this year, the National Bureau of Statistics (NBS) said in a statement.
The World Bank said this year that Chinese GDP surpassed the US this year in purchasing-power parity terms, which accounts for varying price levels in different countries.
The share of China's service sector businesses among all enterprises is up more than 5% from 2008, signalling an improved economic balancing official data showed on Tuesday.
There were nearly three times more service sector companies than companies in the secondary industry at the end of 2013, according to results of the latest national economic census published by the National Bureau of Statistics (NBS).
The Financial Times says that the System of National Accounts (SNA), endorsed by the UN in 2008 and since adopted by the US, the EU and South Korea, would probably have led to a larger upward revision by including research and development spending as fixed-asset investment and adopting new techniques to capture intangible activities.
China still uses a 1993 standard.
Services, meanwhile, have become the primary generators of GDP and employment growth in the world’s advanced economies. Indeed, as economies develop and per capita incomes rise, it is typical for the service sector to account for an increasing share of GDP. Research by the McKinsey Global Institute (MGI) finds that over the past 25 years, nearly 85% of GDP growth in high-income developed countries came from services.
© Copyright 2011 by Finfacts.com