IMF and China sign agreement to improve digital economy measurement

The International Monetary Fund (IMF) and China's official Bureau of Statistics signed a new Memorandum of Understanding (MoU) on Wednesday aimed at improving the measurement of China's digital economy.

As China is now a global leader in sectors such as artificial intelligence and e-commerce, its real economy and growth can be better quantified using statistical models that account for the value of intangible assets like cloud computing and big data.

Under the agreement, China will align with the United Nations System of National Accounts 2025 (SNA 2025), a global statistical standard that incorporates the measurement of intangible assets. This update marks the first major revision of the framework in 17 years.

In a press statement, the IMF said that the MoU provides a framework for collaboration on implementing the 2025 SNA, including work on measuring the digital economy, AI, cloud computing, digital intermediation platforms, and data as an asset.

The agreement will support the continued sharing of international experience and promote the quality, transparency, and comparability of official statistics. Cooperation will take place through high-level visits, expert consultations, technical workshops, joint analytical work, and exchanges on statistical practices and methodologies.

The move towards greater transparency comes as China faces tensions with the US and the EU, with political relationships increasingly strained by trade imbalances.