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1、7/11/2017UnderstandingChina'sEconomicStatistics–SecondEditionhtps://reearh.g.cm)UnderstandingChina'sEconomicStatistics–SecondEditionTheauthorswouldliketothankJieMei,whoworkedasaninternintheAsiaeconomicsgroupin2016-17,forextensiveassistanceinupdatingandrevisingtextfromthepreviousedition.Bernadet
2、teChanprovidedextensiveeditorialandformattingassistance.FranklinChow,KennethHo,KingerLau,TianLu,TimothyMoe,HuiShan,PhilippaVizzone,andWangYicontributedhelpfulcommentsandcorrectionsforthisrevisededition.SectionI.IntroductionChina’seconomy,alreadythesecond-largestintheworld,continuestogrowingloba
3、limportance.MonitoringthecyclicalandstructuralchangesinChina’seconomy—andunderstandingChineseeconomicstatistics—isthereforemorecrucialthaneverforinvestorsandpolicymakers.TheGoldmanSachsEconomicsResearchteamhasinvestedconsiderableeffortinreviewingChinesestatistics,analyzingtheirrelationshipswith
4、thebusinesscycle,andidentifyingtheirlimitations.WehavealsodevelopedaseriesofproprietaryindicesformonitoringtheChineseeconomy—bothatthemacroeconomiclevel,suchastheGoldmanSachsCurrentActivityIndicator(CAI)andtheGoldmanSachsChinaFinancialConditionsIndex(FCI),andatthesectorlevel,forexample,ourtrack
5、ersofconsumptionandinvestmentactivity.This“littleredbook”isacomprehensiveupdateofouroriginalUnderstandingChinaEconomicStatistics,publishedin2006.Itissimilarinformattoourlong-establishedstatisticshandbooksfortheUS,UKandEurope,butcontainsseveraldistinctfeaturesowingtothechallengesofinterpretingCh
6、ina’sdataandpolicysettings.Ithasbeenexpandedconsiderablyfromtheoriginaledition,reflectingthe1/1487/11/2017UnderstandingChina'sEconomicStatistics–SecondEditionincreasedimportanceofChina’seconomyandeconomicdatafortherestoftheworldandforadiversesetofmarkets.Wehopeitwillserveasausefulreferencebothf
7、orclientsinvestinginChinadirectlyandforthosewhoneedtotracktheChineseeconomyduetoitsinfluenceonothermarkets.Notablechangestothisupdatededitioninclude:Alongerlistofindicators.Inparticular,wehaveexpandedthesectiononrealestate/propert
