China to convert total economy to PPP for the first time

2011 Full participation in the International comparison project, measuring purchasing power parity, conversion of GDP "Caixin net" (reporter Jing) in 2011, China will first fully participate in the World Bank's International Comparison Project (ICP), so that China's GDP can be converted through purchasing power parity (PPP),　　Compared with other countries in the world.　　Recently, the China International Comparison Project Inter-Ministerial Coordination Group was established, by the National Bureau of Statistics, the Ministry of Finance and the National Development and Reform Commission and other 10 departments, Bureau of Statistics Director Jiantang and vice Minister of finance, Li Yong together as the ICP Interdepartmental Coordination group leader.　　ICP is a global statistical cooperation project, the main purpose of which is to measure the purchasing power parity (PPP) of various currencies, in order to use PPP as a conversion factor, the national gross domestic product (GDP) into a unified monetary unit, so as to compare and evaluate the actual economic size and structure of countries. 2011 is the benchmark year for a new worldwide ICP activity.　　Since January 2011, approximately 180 countries and regions around the world have been conducting ICP surveys, and the entire activity is expected to end at the end of 2013. With the approval of the State Council, China participated in the new round of ICP activities for the first time.　　The ICP survey will be conducted throughout the country starting next January, in accordance with global harmonization of time requirements. 2005, China provided data on 11 cities for the first time to participate in the ICP project. The World Bank estimates China's PPP at the time based on these data. In December 2007, the World Bank reported that China's PPP-measured economy has a global share of 9.7%.　　The bank acknowledged that it had overestimated China's GDP and cut China's purchasing power levels. Still, the size of China's economy is much larger in PPP terms than in nominal exchange rates. At the end of 2007, China's share of global GDP was only 5% in dollar terms.　　Many emerging economies want the IMF to take PPP into account in allocating voting powers. The new ICP Project, which began in 2011, has three main objectives: the first is to collect, compile and publish purchasing power parity data, to carry out the comparison of expenditure law GDP and its constituent items, to meet the needs of international social analysis and decision-making, and to measure poverty PPP data and to provide statistical basis for the poverty reduction monitoring of the Millennium Development Goals. The third is to improve the comparability of macroeconomic data through the development of ICP projects to enhance the statistical capacity of developing countries, particularly national accounts and price statistics.