China Adopts New Economic Classification Standard

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Last updated at: (Beijing Time) Friday, July 12, 2002

China Adopts New Economic Classification Standard

China will adopt an internationally recognized standard classifying its national economic sectors this year, the Chinese National Bureau of Statistics (NBS) said on Thursday.

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China will adopt an internationally recognized standard classifying its national economic sectors this year, the Chinese National Bureau of Statistics (NBS) said on Thursday.

The new market economy-oriented standard would classify China'seconomic sectors according to the internationally accepted standard, and could be directly converted into international terms through computer software, NBS said.

China set up a classification standard for its planned economic sectors in 1984 and amended it in 1994.

The soaring growth of the Chinese market economy and industrial restructuring had made the previous standard obsolete.

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