Implementation of SNA2008 in China

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Presentation transcript:

Implementation of SNA2008 in China Wang Yixuan 11 Dec, 2013, Paris

Outlines Strategic Plan of CSNA 2014 Revision Targets FISIM R&D

Strategic Plan—CSNA 2014 Revision of CSNA 2002 CSNA 2002: Implementation of SNA 1993 CSNA 2014: Implementation of SNA 2008 - Follow up the primary concept, principle, classification and methodology of SNA2008 - Combine with major improvements in SNA2008 such as Intellectual property products - Proper improvement according to China’s situation in statistics and national accounts

Revision Targets Introduction of Concepts Intellectual Property Products Actual Final Consumption Economic Ownership Employee Stock Option Basic Price

Revision Targets Elaborate Classifications and Categories Industrial classification Institutional Sectors Fixed Assets Categories

Revision Targets About GDP 1）R&D Expenditure, dealt with as capital formation rather than intermediate input 2）housing services by owner occupiers, from cost approach to rent approach 3）FISIM, replacement of reference rate (6.163,6.169) 4）Actual final consumption； 5）NPISH category

Revision Targets About Input-Output Establishment compilation method of SUT

Revision Targets About Balance Sheet Revaluation of partial fixed assets by PIM

Revision Targets Entire National Accounts following SNA 2008

FISIM Methodological improvement in 2008 Before: FISIM = interest receivable – interest payable + other property income receivable (bonus, property income belong to policy-holders/applicants, etc.) Exclude: property income from self-owned capital investment by financial intermediary institutions After + reference rate * (balance of deposit - balance of loan) Include: all lending and deposit owned by financial intermediary institutions

FISIM - Reference Rate Reference rate = (deposit rate + lending rate – risk premium rate)/2 Of which: risk premium rate = ratio of non-performing loan + ratio of non-performing loan * lending rate

FISIM - Reference Rate Issue: According to SNA2008：The reference rate to be used in the calculation of SNA interest is a rate between bank interest rates on deposits and loans. (SNA, 6.166) When ratio of non-performing is higher enough, reference rate may be lower than deposit rate. That should be unreasonable according to SNA. Solution: let the lowst reference rate = deposit rate

FISIM - Output and VA Value added of banking industry, which is calculated by income approach, is not reflected by approach change of FISIM estimation Issue1: How to know if the calculation of FISIM is appropriate? By VA ratio? Issue 2: How does operation surplus reflect change of FISIM?

R&D -data source R&D survey and annual investigation Expenses of R&D - internal expenses which used for internal R&D (used in value added estimation) - external expenses which used for external R&D (delegation to or cooperation with outer institutions) Internal expenses - current expenses - capital expenses

R&D - methods Estimation scope Treat R&D expenses as fixed capital formation Overestimation of value added? Estimation object Institutions who carry out R&D, i.e. treat all R&D as own account production Evaluation method R&D expenses and depreciation of fixed capital used in R&D Overestimation？ Depreciate function linear（10% per year-service life=10 years）？