China's National Bureau of Statistics (NBS) mulls to revise the current system of measuring the national economy in line with the latest international standards, the agency's vice head Xu Xianchun told Xinhua News Agency on Monday.

The new system will reckon spending on research and development as a form of fixed capital and calculate it into gross domestic product (GDP), Xu said.

Other changes include the method of setting value for self-owned housing of urban residents, to count the income made from transferring land-use rights into farmers' income, as well as to create an index for employee stock options as a form of labor wage.

The new system will be finalized around the end of 2014 at the earliest, Xu noted, and historical GDP data will be revised according to new standards and released after the ongoing third national economic census.

The proposed revisions are in accordance with a 2008 version of the United Nations System of National Accounts.

The nation's current economy accounting system was completed in 2002 based on a 1993 version.

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