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CIRCULAR OF THE STATE COUNCIL CONCERNING THE IMPLEMENTATION OF THE PLAN FOR A NEW NATIONAL ECONOMIC ACCOUNTING SYSTEM

    Since our country's reform and opening up, the national economy has
developed with great strides. The economic structures have been adjusted
greatly. A deepgoing change has taken place in the economic system and
economic mechanism. Economic relations and technological exchange with foreign
countries are expanding day by day. The original national economic accounting
system based on the economy of products is becoming more and more incompatible
with the requirements for the development of a socialist commodity economy.
The urgent need to establish a complete set of new national economic
accounting rules which are suitable to China's conditions must be met, in
order to grasp the national economic operations as a whole, strengthen the
macroeconomic regulation, lead the economic work firmly onto a track of
adjusting economic structures and improving efficiency, use scientific methods
for policy-making, and promote the development of the national economy in a
sustained, stable and coordinated way.

    The Decision of the State Council on Strengthening the Statistical Work in
January of 1984 provided that a unified and scientific national economic
accounting system should be established. Since then, we have made a prolonged
effort and now are almost ready to launch a new national economic accounting
system. For several years, the State Statistical Bureau has cooperated with
departments concerned, higher learning bodies and scientific research
institutions in researching into theories, designing methods, conducting
experiments, making trial calculations and doing other relevant work so that
the Plan for the National Economic Accounting System of China (For Trial
Implementation) has been drawn up and approved upon the justification of
departments concerned and experts in different fields. This plan for a new
accounting system is based on the reproduction theory of Marxism, suited to
our country's actual conditions and combined with scientific accounting
methods and helpful experiences throughout the world. With better usefulness
and having proved to be practical through experiments and trial calculations
in some places, this plan can be put into operation.

    Accordingly, the State Council has decided to implement the plan for a new
national economic accounting system by two stages beginning this year. In the
first stage, the framework of the new accounting system shall be formed
respectively at the national and provincial levels within this year and the
next, in order to realize a preliminary transition. In the second stage, a
total transition to the new national economic accounting system shall have
been basically finished by the beginning of the year 1995. The first stage is
of crucial importance. The main target of the first stage is to establish
basic accounting statements for the new accounting system. That is, data for
the year 1992 shall be used to work out the statement for domestic output
value and its usage, statement for input and output, statement for flow of
capital and statement for balance of payments, with a view of reflecting the
national economic operations in a comprehensive and systematic way. To reach
the target during the second stage is to work out all statements and accounts
for the new accounting system more accurately and more completely, and to
establish corresponding statistical indexes, statistical classifications and
database systems.

    The implementation of the plan for a new national economic accounting
system should be considered as a major reform of the old accounting system and
an important measure to improve the macro-decision and macro-control process,
and to promote the deepening of reforms and expansions. This task involves a
wide range of subjects, demands high-level technology and is more difficult to
accomplish. Localities and departments shall treat the task as their common
duty and shall join to accomplish it. Different departments shall closely
cooperate with each other to provide prompt data needed by the new national
economic accounting system in such fields as finance, statistics and industry,
and share information among them, while they shall reform their own accounting
systems as required by the new national economic accounting system. Localities
and departments shall make efforts to publicize the new national economic
accounting system and give professional training, do a good job to create the
fundamental conditions for statistical and accounting work, in order to lay a
firm foundation and create a proper environment for introducing the new
national economic accounting system. People's governments at all levels shall
strengthen in real earnest their leadership over the task and lend necessary
support thereto by providing personnel and allocating funds.

    Measures for the implementation of the plan for the new national economic
accounting system shall be separately formulated and published by the State
Statistical Bureau in consultation with other relevant departments.