Why the GDP data in China need to be revised after publishing?

GDP data released by the National Bureau of Statistics in China go through three times of accounting calculation:

The first calculation is preliminary calculation, which is provided generally within the first 20 days of the New Year. Preliminary calculation is mainly based on the limited information available monthly and quarterly.

The second data is called the initial check which comes in May or June in the following year. Preliminary verification report is mainly based on a number of professional, professional reports with respect to the monthly and quarterly terms, scope and more comprehensive, more targets, more informative data of higher quality.

After a period of time, about 10 months or one year later with more good information being obtained, the GDP data will be recalculated and finalized, this is also called the final verification of data.

Such revision of GDP data is also internationally accepted. All GDP data under the three stages are meaningful under certain conditions. For example, a government needs to have the GDP data even it’s preliminary to enact future macro-economy policy at an early time while the data are not fully collected and ready.

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