Macao SAR Participates in the General Data Dissemination System of the International Monetary Fund

Macao Special Administrative Region (MSAR) has begun to participate in the General Data Dissemination System (GDDS) of the International Monetary Fund (IMF) since 10 August 2007. The GDDS was established by the IMF in 1997, which recommends disseminating to the general public regularly and equitably comprehensive economic, financial, and social statistics aligned with international statistical standards in a timely manner. These data are expected to facilitate the formulation and implementation of macroeconomic policies and private investment decisions. The IMF provides to GDDS participants criteria and guidelines for disseminating comprehensive economic, fiscal, financial, external, and socio-demographic data. At the same time, it provides necessary technical assistance so that participants will achieve the relevant standards in the course of time. The entry of MSAR has increased the number of GDDS participants to 89. GDDS participants are required to submit to the IMF files about the methodology of statistics compilation (“Metadata”) and the modes of data dissemination. The contents of these files should be updated at regular intervals. In addition, GDDS participants should formulate short- and medium-term improvement plans for their statistical systems in compliance with the GDDS requirements, with a view to enhancing data quality, continuously upgrading the compilation methods and dissemination channels of statistical data. With the IMF’s technical support, the Monetary Authority of Macao together with the Statistics and Census Service and the Finance Services Bureau have jointly completed a set of Metadata templates and yearly improvement plans, coordinated the time schedule of disseminating data and analysed the feasibility of compiling other missing data. With MSAR’s formal participation in the GDDS, the relevant information is available to the international community in the Dissemination Standards Bulletin Board of the IMF’s website at
http://dsbb.imf.org/Applications/web/gdds/gddscountrycategorylist/?strcode=MAC. MSAR’s participation in the GDDS will facilitate official statistics compilation agencies to systematically evaluate and improve their statistical systems in a comprehensive and prioritised way, reinforce the efficiency and transparency of economic and financial-market operations; and build up a solid foundation for enhancing the international reputation of MSAR’s statistical system.