Big picture needed on GDP growth
In response to analysts' and media questions about the reliability of China's economic data, a government spokesman said on Friday it is no longer appropriate to use only the old indexes to measure the country's performance during its rapid transition.
This is because, for the first time, the service industry has been contributing a larger share to China's GDP growth than the manufacturing industry, said Sheng Laiyun, a senior official of the National Bureau of Statistics.
People wouldn't get the full picture of the Chinese economy if they still tried to size it up by using such indexes as the increase in loan supplies, in electricity generation, and in cargo throughput, said Sheng, who joined the NBS after obtaining a doctoral degree in economics.
