GDP system to change

China will launch a new GDP accounting system in 2014 or 2015, which will lead to an increase in the value of the country's GDP, Nandu Daily reported Sunday. [Special report]

Xu Xianchun, deputy director of the National Bureau of Statistics, said the new accounting system will feature changes in calculating statistics for research and -development (R&D) expenditure, housing service, central bank output, labor payment and property income.

For R&D expenditure, Xu said the cost of R&D that can lead to profits will be taken as fixed capital instead of intermediate input, the report said.

The reason for updating the current GDP accounting system is that the United Nations revised the System of National Accounts (SNA) in 2008 but China is still using the old version from 1993, according to the report.

Using the revised SNA version, the US recalculated its GDP for 2012 and the result was 3.6 percent higher than the previous data, the report said.