The Biggest Accounting News In The World New methods in Chinas national accounting system are promised to reflect the countrys economic and social realities and help Beijing implement reforms while also softening the impact of slower economic growth down the line. The Chinese National Bureau of Statistics announced the changes, which were decided upon following the recently concluded Third Plenum, on Nov. 16. The new methodology will result in an upward revision of Chinese gross domestic product as the countrys leadership attempts to change the publics expectations and emphasize the importance of moving beyond a focus on gross domestic product as the main measure of economic performance. The announced changes came less than a week after a key policy document was released by the Third Plenum. The document, which offered a blueprint for the countrys next phase of reform, stressed the need to phase out the traditional growth-oriented development model. The countrys leadership is also emphasizing the importance of growing GDP through innovation and quality upgrades rather than through sheer increases in size and scale. Chinas leaders hope the accounting reforms and changes in perception will curb the politicization of statistics, a phenomenon that leads local officials to overestimate their regions economic growth.
Posted on: Wed, 20 Nov 2013 21:08:44 +0000
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