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Abstract
Economist Angus Maddison is famous for his exploring the revision of economic statistical data, including China’s GDP data since the 1990s. This is a useful work. Maddison has revised China's GDP data from multiple angles, including the revision of China's non-material service sector GDP data. Maddison assumed that the non-material service sector in China has had a zero scientific and technological progress rate since the 1990s, while based on the data from the National Bureau of Statistics of China, the rate of scientific and technological progress in the non-material service sector should be big. Maddison's assumptions have led to a significant reduction in China's GDP data, and thus China's economic growth rate has dropped significantly. This paper argues that the high-tech progress rate of the non-material service sector-led and promoted by information technology is not only possible but also very likely, so China’s GDP data is credible in general, and of course, some small deviations and inaccuracies existed in China statistical GDP is understandable and acceptable.
Highlights
Before 1990 socialist countries used MPS rather than1937 Simon Kuznets presented the original SNA to collect the statistical data, MPS is established based on formulation of GDP to the U.S Congress, GDP is born. 1944 Marxist theory
Small changes in economic growth rates will cause double-counted exceeds the quantity of non-material service huge differences in national economic status in the long run, activities that are omitted, the national income and when Angus Maddison pointed out that China's economic growth will be exaggerated
Maddison used the official estimates for the fishery, Wu’s (1997) estimates of gross value added in the forestry, and agricultural sidelines, but he made his estimates industry were used in Maddison (1998)
Summary
1937 Simon Kuznets presented the original SNA to collect the statistical data, MPS is established based on formulation of GDP to the U.S Congress, GDP is born. 1944 Marxist theory. These non-material service activities include passenger capita GDP in the world in 1990, due to the 1.75 percentage transport, housing, health, education, entertainment, banking, annual economic growth rate from 1870 to 1990. Personal services, government and party that the United States of America had a growth rate of one administration, and the military Excluding these non-material percentage point per year below its actual number, the United service activities from MPS will decrease the national income. Small changes in economic growth rates will cause double-counted exceeds the quantity of non-material service huge differences in national economic status in the long run, activities that are omitted, the national income and when Angus Maddison pointed out that China's economic growth will be exaggerated.
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