Implementation of SNA2008 in
China
Wang Yixuan
11 Dec, 2013, Paris
Outlines
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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
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Intellectual Property Products
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Actual Final Consumption
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Economic Ownership
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Employee Stock Option
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Basic Price
Revision Targets
Elaborate Classifications and Categories
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Industrial classification
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Institutional Sectors
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Fixed Assets Categories
Revision Targets
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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
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About Balance Sheet
Revaluation of partial fixed assets by PIM
Revision Targets
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Entire National Accounts following SNA 2008
FISIM
Methodological improvement in 2008
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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
FISIM = interest receivable – interest payable
+ reference rate * (balance of deposit - balance of loan)
Include: all lending and deposit owned by financial intermediary
institutions
FISIM
- Reference Rate
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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
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Issue:
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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)
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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
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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
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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
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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）？