Abstract
Many have doubts about statistics, including the consumer price index (CPI) released by Chinese Government. We re-estimate the CPI in urban China from 1997 to 2009, with two widely accepted approaches to treating owner-occupied housing (i.e., user cost approach and consumption cost approach). The results are not considerably different from the NBS statistics, especially for recent years.
Highlights
Accuracy of economic indicators is of paramount importance to macroeconomic empirical research
It has just moderately increased despite dramatically increasing house prices. This has led to a lot of concerns and controversies. After He (2010) successfully replicated the NBS calculation of consumer price index (CPI) and provided support to the NBS statistics, most concerns focus on the weights of the CPI categories, in particular the weight of housing expenditure
The NBS has been aware of the underestimation of the weight of housing expenditure and announced a decision to adjust the weights of the CPI categories after 2011, with a focus on enhancing the weight of housing expenditure
Summary
Received July 8th, 2013; revised August 20th, 2013; accepted September 2nd, 2013. Many have doubts about statistics, including the consumer price index (CPI) released by Chinese Government. We re-estimate the CPI in urban China from 1997 to 2009, with two widely accepted approaches to treating owner-occupied housing (i.e., user cost approach and consumption cost approach). The results are not considerably different from the NBS statistics, especially for recent years
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