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China agrees to stronger IMF economic data standards
Published in Saudi Press Agency on 08 - 10 - 2015

AlHijjah 24, 1436, October 08, 2015, SPA -- The Chinese government committed itself Wednesday to
delivering economic data that meets International Monetary Fund (IMF)
standards, the crisis lender said, according to dpa.
The People's Republic of China will meet the IMF's Special Data
Dissemination Standard (SDDS), which the Washington-based crisis
lender called "a major step forward for official statistics" in the
world's most populous country.
Beijing's participation "underscores China's strong commitment to
transparency as well as to the adoption of international best
practices in statistics," said David Lipton, IMF first deputy
managing director.
Reliable data is meant to help governments make sound economic policy
decisions. China is the 65th country to subscribe to the IMF's
highest economic data standards.
The Chinese data commitment was announced in Lima ahead of this
week's IMF annual meeting.
"China and the IMF have been working together to improve China's
statistics for many years, and subscribing to the SDDS is another
milestone of this fruitful and important collaboration," said Yi
Gang, deputy governor of the People's Bank of China.
China is committed to further strengthening its statistical system
and enhancing transparency, Yi said.
"This is not only crucial for our own policy making, but also
beneficial for a better understanding of the Chinese economy by the
outside world," he said.
The standards are meant to guide IMF members in issuing economic and
financial data that is high quality, reliable, timely and public.
In November 2014, China announced its intention to work toward
meeting the SDDS standards, which IMF chief Christine Lagarde
welcomed at the time, saying it would "greatly enhance the
availability of timely and comprehensive economic and financial
data."


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