IMF partners with China to measure digital economy, including AI and big data

The International Monetary Fund (IMF) and China's National Bureau of Statistics have entered into a new Memorandum of Understanding (MoU) to establish measurement methods for the digital economy. This initiative will encompass key areas such as artificial intelligence (AI), cloud computing, big data, and digital assets, reflecting China's rapidly expanding digital sector.

This agreement is crucial as it paves the way for China to align its national statistical system with the United Nations' System of National Accounts 2025 (SNA 2025). This updated global standard allows for the inclusion of intangible assets, like data and AI technologies, in a nation's economic strength calculations. For China, this update is a strategic move to more accurately portray the contributions of its digital economy, which have often been underestimated in conventional GDP and economic statistics.

The IMF stated that the MoU provides a framework for collaboration in implementing SNA 2025, focusing on the measurement of digital economy components, AI, cloud computing, digital intermediation platforms, and data as economic assets. Accurate measurement is increasingly vital given China's leading role in sectors like AI, e-commerce, and cloud services. The value of digital assets, previously difficult to quantify, is expected to be better represented in official statistics.

The SNA 2025 represents the first major revision of the global national accounting system in 17 years, designed to adapt economic calculation methods to the digital age. Through this update, China not only seeks to enhance the accuracy of its economic data but also to bolster its position in the global technology competition. The ability to precisely measure the digital economy is becoming a key factor for all nations in understanding new economic powerhouses driven by AI, data, and digital services.