China will revise its 2018 gross domestic product (GDP) estimate in the next few days to reflect an increase in the number of businesses and assets recorded in the last census, officials said.
China’s fourth National Economic Census, released on Wednesday, included “richer” data points that showed more business entities and a bigger total asset base in 2018 than assumed under earlier GDP estimates, Li Xiaochao, deputy head of the statistics bureau told.
While the revisions typically have no immediate bearing on policy, some analysts see other implications for longer-term economic targets if past estimates are revised higher.
Li said the details of the revision would be made public “in a few days” but declined to say if they would lead to higher or lower output or GDP growth rate for 2018. China routinely revises its annual GDP data, typically making a final revision at the end of the calendar year.
The world’s second-largest economy grew to 90.03 trillion yuan in 2018, according to preliminary revisions this year. The 6.6% growth was the slowest in almost three decades but was in line with Beijing’s target of around 6.5%.