Implications of GDP accounting for factor income share in China

Wage-led demand as a rebalancing strategy for economic growth in China

“…To avoid any discrepancy, the labor share is applied to the GDP by expenditure approach of the World Development Indicators. Because of the changes in accounting method of the NBS in the estimation of the compensation of employees, we have followed the corrections operated by Qian (2014). In short, during the period of 2004-2007, all income excluding depreciation and net production tax in agriculture is counted as labor compensation, while it was counted as profit before.…”

“…According to Bai and Qian (2010), the overall effect was an overestimation of the fall of the labor share during the period. Qian (2014) recalculates the mixed income of selfaccount workers for the period 2004-2011, and eliminates the accounting method change for both farmers and urban workers so that the data series for compensation of employees after 2004 is coherent with the official GDP by income approach before 2004 (Table 5, panel E, adjustment 3 in Qian, 2014, p 11). Finally, we have observed that the new data for compensation of employees and GDP by income approach published by NBS in 2018, gives a wage share very close to the estimation of Qian (2014) -the difference is around 1%-for the years 2009-2011.…”

“…Qian (2014) recalculates the mixed income of selfaccount workers for the period 2004-2011, and eliminates the accounting method change for both farmers and urban workers so that the data series for compensation of employees after 2004 is coherent with the official GDP by income approach before 2004 (Table 5, panel E, adjustment 3 in Qian, 2014, p 11). Finally, we have observed that the new data for compensation of employees and GDP by income approach published by NBS in 2018, gives a wage share very close to the estimation of Qian (2014) -the difference is around 1%-for the years 2009-2011. For this reason, we have adopted Qian's estimation of the labor share for the years 2004-2007, and the data series published in 2018 by the NBS for the years 1978-2003 and 2008-2016. The wage share can be seen in Figure 2.…”

Effect of casting parameters on sticker breakout and its propagation behaviour during slab continuous casting

“…In recent years, wide and heavy plates have been extensively used for bridge engineering, pressure vessels, heavy machinery, oil and gas pipelines, ocean platforms, shipbuilding, etc. 1,2 In order to satisfy the requirements of low production costs, quality demands, slabs are required to have high strength, cleanness and toughness, fatigue resistance, good welding properties, etc. 3–5 Sticker breakout is a serious and common problem in steel plants and its mechanism was widely studied.…”