China Is Changing How It Reports GDP to Meet IMF's Standard
- China needs international standards to join IMF's SDR basket
- Officials revise down quarterly GDP numbers for last year
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China is tweaking the way it reports quarterly gross domestic product data, paving the way for the nation to adopt an International Monetary Fund standard as it presses ahead with the goal of gaining reserve currency status for the yuan.
The new reporting method will create conditions for China to adopt the IMF’s Special Data Dissemination Standard and will better reflect short-term fluctuations in the economy, the National Bureau of Statistics said in a statement Wednesday. The IMF describes the SDDS, established in 1996, as "a global benchmark for disseminating macroeconomic statistics to the public."