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26 Aug 2013
China suspended PMI details due to accuracy concerns - NBS
FXstreet.com (Barcelona) - Earlier this year, China announced it would suspend the release of industry-specific data from a purchasing managers’ index for manufacturing, which is one of the most closely followed economic data reports in the world.
According to Bloomberg, the reason behind is accuracy concerns, the Chinese National Bureau of Statistics said. As quoted by Bloomberg, citing Sheng Laiyun, a statistics agency official: “We can’t ensure all industry-specific data can reach accuracy requirements, as samples in some industries are very small, and accidental changes may affect overall data quality -- we were concerned that some of the numbers may affect related investors and users.”
The media giant quoted Xu Gao, chief economist with China Everbright Securities in Beijing, as saying “I don’t buy NBS’s explanation -- industry-specific data has been there for years and proved very useful in reading the Chinese economy,” adding that "without these specific data, the credibility of China’s headline official PMI indicator is undermined,” Xu said.
According to Bloomberg, the reason behind is accuracy concerns, the Chinese National Bureau of Statistics said. As quoted by Bloomberg, citing Sheng Laiyun, a statistics agency official: “We can’t ensure all industry-specific data can reach accuracy requirements, as samples in some industries are very small, and accidental changes may affect overall data quality -- we were concerned that some of the numbers may affect related investors and users.”
The media giant quoted Xu Gao, chief economist with China Everbright Securities in Beijing, as saying “I don’t buy NBS’s explanation -- industry-specific data has been there for years and proved very useful in reading the Chinese economy,” adding that "without these specific data, the credibility of China’s headline official PMI indicator is undermined,” Xu said.