China's new system to improve economic data accuracy

China's statistics agency will kick off a new system on Saturday to collect original data directly from businesses, the latest bid to improve the accuracy of key indicators in the world's second-largest economy.

The system, which has been under preparation since 2009, will allow 700,000 factories, property developers and department stores to report their business numbers on a monthly basis, the National Bureau of Statistics (NBS) said.

The businesses account for over 90% of national industrial output and sales.

The latest steps to improve the accuracy of China's economic data come as the fast-growing economy gains more global influence.

Beijing in the past had to rely on local statistics cadres, who often cook numbers for career promotions, to compile key economic indicators such as industrial output and retail sales.

The new system will cut short the long process of data collection, which now goes from businesses to municipal and provincial statistics agencies and then finally to the national agency, Ma Jiantang, the NBS chief, said in an online chat.

That will ensure the NBS gets original data from firms and close the loopholes for local officials to alter numbers.

"Now enterprises can just press the 'submit' button, and their numbers will be in our database," Ma said, adding it would prevent "interventions" from some local governments.