BEIJING: China has given its 2023 economic figures a significant facelift, revising its GDP upward by 2.7%—an increase of 3.4 trillion yuan, bringing the total to 129.4 trillion yuan ($17.73 trillion). Despite this boost, officials noted that the adjustment would have minimal effect on this year’s growth trajectory, as policymakers set their sights on spurring expansion in 2025.
With policy measures introduced late in the year, the world’s second-largest economy is on course to hit its “around 5%” growth target. However, looming challenges, including potential U.S. tariff hikes, cast a shadow over next year’s economic outlook.
Kang Yi, head of the National Bureau of Statistics, announced the revision during the release of the fifth national economic census. While the reasons behind the recalculation weren’t immediately disclosed, Kang promised more details would be published online in the coming days.
“China’s economy has weathered multiple internal and external risks over the past five years, maintaining a stable trend with steady progress,” Kang said, emphasizing the resilience of the nation’s economic framework.
Historically, these five-yearly censuses have often led to upward revisions. In 2018, GDP was raised by 2.1%, while the 2013 figures saw a 3.4% adjustment.
As policymakers pledge more robust stimulus measures for 2025, the revised GDP figures underline China’s determination to navigate economic headwinds and strengthen its position on the global stage.
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