China revises ’23 GDP growth upwards

China revised its 2023 gross domestic product (GDP) upwards by 2.7 per cent, increasing the economy’s size by 3.4 trillion yuan to 129.4 trillion ($17.73 trillion), according to the National Bureau of Statistics.

Despite the adjustment, officials stated the revision would have minimal impact on 2024 growth rates.

The update comes amid plans for increased fiscal and monetary stimulus to achieve a growth target of “around 5 per cent” next year, as China faces challenges such as subdued domestic confidence and US trade tensions.

The revision aligns with the country’s fifth national economic census, covering the pandemic years, and will aid in crafting China’s 15th five-year plan (2026-2030).

President Xi Jinping’s goal of doubling the economy by 2035 requires an annual growth rate of 4.7 per cent, a figure analysts view as ambitious.

Meanwhile, census data revealed significant growth of 25.6 per cent in tertiary industries employment but a sharp 27 per cent decline in property developer jobs, reflecting the ongoing property sector crisis.

Attribution: Reuters

Subediting: M. S. Salama