China has revised its 2023 GDP growth rate upwards by 2.7%, but expects little impact on this year’s economic expansion. The National Bureau of Statistics announced the revision, citing a “generally stable trend” in the economy despite multiple internal and external risks.
The revised GDP figure is now at 129.4 trillion yuan ($17.73 trillion), up from the previously reported 126.7 trillion yuan. However, policymakers remain cautious about the outlook for next year, with some warning of potential headwinds due to US tariff hikes.
To support growth in 2025, Chinese leaders have pledged additional stimulus measures, including increasing the budget deficit and issuing more debt. The government aims to maintain a GDP growth rate of around 5% this year, but faces challenges such as a severe property crisis that is hindering macroeconomic rebound.
The revision of 2023 GDP is the latest in a series of upward revisions by China’s National Bureau of Statistics over the past five years. The latest census covered the period from 2018 to 2023 and provides valuable data for formulating tasks for the upcoming 15th five-year plan.
China’s economic growth target for 2035 is ambitious, with President Xi Jinping aiming to double the size of the economy by 2035 from its 2020 level. To achieve this goal, average annual growth of 4.7% is expected, although some analysts consider this target overly ambitious.
Source: https://www.reuters.com/world/china/china-revises-up-2023-gdp-1773-trillion-2024-12-26