Rome was not built in a day

             Hasn’t China outdone the leading nations of the world in designing a formidable plan that could drive its economy forward to reach new heights ?

         
                                                                                                                                                                     The real journey of the Chinese economy began with the approval of the State Council of China, to establish a System of National Accounting. It intended to use the GDP to measure the national economy. China started the study of theoretical foundation. The principles about how to guide and deal with accounting gained significance. It embarked on with the business of establishing a new system of national economic accounting.
              Dr. Fengbo Zhang was the first citizen of the people's Republic of China to receive a Ph.D in economics from an overseas country. He headed the Chinese Macroeconomic research.This also became the key research project of the seventh five year plan of China. Completing and publishing the China's GDP and data by China's own Research was his aim. Chinese Macroeconomic Structure and Policy is a book which summarizes the aim of the project.
The book has been edited by Mr. Fengbo but has been authored collectively by the Research Center of the State Council of China.
         The research utilized the World Bank's method as a reference. The Chinese wisdom lies in making numerous appropriate adjustments in the borrowed method, to make the method compatible with China's national condition. Also, the GDP has been converted to USD based data by utilizing the moving average exchange rate,
         The research systematically completed China's GDP and GDP per capita from 1952 to 1986 and analyzed growth rate, the change and contribution rates of each component.
          One of the most significant features of the research is that it included international comparisons. The research compared MPS and the System of National Accounting, looking at the results from the two systems, to analyze the Chinese economy. This achievement created the foundation for China GDP research.
          The notice of the State Council of China enforcing the implementation of the Western System of National Accounting in 1992, in the place of the Russian MPS. Since then the Western GDP indicator has become China's most important economic indicator.
           Based on Dr. Fengbo Zhang's research, in 1997, the National Bureau of Statistics of China, in collaboration with Hitosubashi University of Japan, re-estimated China's GDP Data from 1952 upto 1995 based on the principal of System of National Accounting.
            A meticulous comparative study of the GDP measurement taken up by Dr.Fengo in 1980's and the GDP measurement of the National Bureau of Statistics and the Japan's cooperative research, showed consistency and coherence. Slight deviation rate is noticed.
     
            Thus with the changing Global conditions, the Chinese did not delay in making a blend of the their native needs and technology available outside.