经济学家:经济模式改变的关键

Today's second-quarter growth figures also uses a revised GDP calculation method. The move is in line with global standards. CCTV reporter spoke to economists about the reasons for the adjustment, and what it means for China's future growth track.

Just last week, China once again revised its GDP calculation method. Now, research and development expenditure that brings economic benefit to companies will no longer be calculated as intermediate consumption, but as fixed capital formation.

With the new method, the size of China’s economy last year reached 130 billion US dollars - larger than previously estimated.

Growth for 2015 was amended marginally, but basically remained at 6.9 percent, still the slowest pace in a quarter of a century.

The country's statistics agency claims that the new method "better reflects the contribution of innovation to economic growth." It also revised the GDP figures going back to 1952, changing the growth statistics for 22 out of the 63 years in question.

The latest changes come after China already switched to quarter-on-quarter calculations last September, rather than using cumulative data, in a bid to adhere more closely to "international" standards.

The increases came amid investor skepticism about the accuracy of the country's official economic data.

So what does the new calculation mean for China's future growth track and monetary policy decisions?

China aims to boost its R&D spending as a share of GDP to 2.5 percent by 2020.

And the country is now also studying new ways to assess the economic contribution from industries seen as part of the "new economy", such as biotech firms and online retailers.

No matter the calculation method, important will be that China further improves its data accuracy to reflect the fast-changing structure of its economy.