In 1985, the State Council of China approved to establish a SNA (System of National Accounting), use the GDP to measure the national economy. China started the study of theoretical foundation, guiding, and accounting model etc., for establishing a new system of national economic accounting. In 1986, as the first citizen of the People's Republic of China to receive a Ph.D. in economics from an overseas country, Dr. Fengbo Zhang headed Chinese Macroeconomic Research - the key research project of the seventh Five-Year Plan of China, as well as completing and publishing the China GDP data by China's own research. The summary of the above has been included in the book "Chinese Macroeconomic Structure and Policy" (June 1988) edited by Fengbo Zhang, and collectively authored by the Research Center of the State Council of China. This is the first GDP data which was published by China.
The research utilized the World Bank’s method as a reference, and made the numerous appropriate adjustments based on China’s national condition. The GDP also has been converted to USD based data by utilizing the moving average exchange rate. The research systematically completed China’s GDP and GDP per capita from 1952 to 1986 and analyzed growth rate, the change and contribution rates of each component. The research also included international comparisons. Additionally, the research compared MPS (Material Product System) and SNA (System of National Accounting), looking at the results from the two systems from analyzing Chinese economy. This achievement created the foundation for China's GDP research.
The State Council of China issued “The notice regarding implementation of System of National Accounting” in August 1992, the Western SNA system officially is introduced to China, replaced Soviet Union's MPS system, Western economic indicator GDP became China’s most important economic indicator. Based on Dr. Fengbo Zhang's research, in 1997, the National Bureau of Statistics of China, in collaboration with Hitotsubashi University of Japan, estimated China’s GDP Data from 1952 up to 1995 based on the SNA principal.
Read more about this topic: Economic History Of The People's Republic Of China, Economic Policies, 1949-80, Reform of The Economic System, Beginning in 1978
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