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The International Monetary Fund (IMF) and China’s official Bureau of Statistics have signed a new Memorandum of Understanding on Wednesday to improve the measurement of China’s digital economy.
With China now a global leader in sectors such as AI and ecommerce, its real economy and growth can be quantified by adequate statistical models which take into account the value of intangible assets such as cloud computing and big data.
In particular, China will align with the United Nations System of National Accounts 2025 (SNA 2025), a global statistical standard that incorporates the measurement of intangible assets. This update was the first major revision of the framework in 17 years.
“The MoU provides a framework for collaboration on implementing the 2025 SNA, including work on the measurement of the digital economy, AI, cloud computing, digital intermediation platforms, and data as an asset,” the IMF said in a press statement.
The agreement will support the continued sharing of international experience and promote the quality, transparency, and comparability of official statistics, the IMF added, noting that cooperation “will take place through high-level visits, expert consultations, technical workshops, joint analytical work, and exchanges on statistical practices and methodologies.”
The move toward greater transparency comes as China faces tensions with the US and the EU, with political relationships increasingly under pressure from trade imbalances.