Abstract
Nowadays, as the development of knowledge economy and innovation, it is an inevitable trend to add the knowledge-based GDP into the national economy accounting system. The knowledge-based GDP is made of the intellectual property products, innovative capital, marketing assets and human capital. This paper suggests that the knowledge-based GDP should be included in the scope of national accounts, which will bring about the total expansion and great improvement of China’s GDP accounting and promote the development of China’s knowledge-intensive industries. At the same time, it will also become an important basis for the government’s macro management and micro decision-making.
Highlights
This paper suggests that the knowledge-based gross domestic production (GDP) should be included in the scope of national accounts, which will bring about the total expansion and great improvement of China’s GDP accounting and promote the development of China’s knowledge-intensive industries
Due to the current situation, it is necessary to conduct a scientific analysis of the related activities of each product by accurately analyzing the economic contribution rate, innovation expenditure, marketing and human capital of the various intellectual property product factors in the production and transaction sectors in the knowledge economy environment, and the national accounts, that is, knowledge-based GDP accounting will be a reasonable record of its presentation
The accounting of knowledge-based GDP will provide a basis for better macro-economic analysis and economic decision-making in order to understand the essence of GDP after adding the value of intangible capital such as intellectual property products, innovation spending, marketing assets and human capital
Summary
As the most important measurement in national economy accounting, GDP plays a very important role. The national accounting system commonly used in various countries around the world is the system of national accounting 1993 (SNA 1993). The typical feature of the new version, SNA 2008, is the expansion of intellectual property products and its accounting system and presenting the current trend of knowledge economy. China has not accounted the intellectual property products in the scope of GDP. Based on the increasing proportion of knowledge economy in China’s economic development, GDP accounting should include the economic activities of the knowledge-based industry as an important measurement of a country’s economic developing. Exploring the knowledge-based GDP and proposing to integrate the knowledge-based GDP into the scope of the national economy should become the hot issues in the current national economy research
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