China subscribes to data standard to boost economic statistics

Adoption of IMF standard comes after many investors questioned the reliability of China's data

China on Wednesday subscribed to the International Monetary Fund's Special Data Dissemination Standard (SDDS), marking a major step forward for official statistics in the country, the IMF said ahead of its annual meetings here.

China's adoption of the IMF standard follows many investors questioning the reliability of China's data as the country's economic growth has slowed. A surprise August devaluation of the yuan currency sent shockwaves through global markets.

"Participation in the SDDS is expected to enhance a country's availability of timely and comprehensive statistics and contribute to the pursuit of sound macroeconomic policies," the IMF said in a statement.

China's central bank, the People's Bank of China, said in a separate statement issued on its website that adopting SDDS would help uncover the real situation in the economy and provide "a timely and accurate basis" for policymaking. At the same time, it will help "enhance the level of China's participation in global economic cooperation".

The IMF forecasts that China's economy will grow by 6.8% this year and 6.3% in 2016.