China's GDP Size Revised Up 2.7% Last Year... "No Impact on This Year's Growth Rate"

China revised its gross domestic product (GDP) for last year upward by 2.7% to 129.4 trillion yuan (approximately 2,617.5 trillion won) from the preliminary estimate. However, it emphasized that this upward revision of GDP would have little impact on this year’s GDP growth rate.

According to the state-run English newspaper Global Times on the 27th, Kang Yi, director of the National Bureau of Statistics of China, announced at a press conference the day before that the 2023 GDP increased by 3.4 trillion yuan from the preliminary estimate to 129.4 trillion yuan.

A cargo ship loaded with containers is departing from Qingdao Port in Shandong Province, eastern China. Photo by AFP Yonhap News

China conducts economic surveys every five years and publishes annual GDP figures in preliminary and final estimates. In 2018 and 2013, the GDP size was also revised upward by 2.1% and 3.4%, respectively.

Director Kang said, "(The Chinese economy) has withstood various internal and external tests over the past five years and has generally maintained a stable trend," adding, "This survey period includes the three years of the COVID-19 pandemic, which had a significant impact on the Chinese economy."

He added, "The results of this economic survey will provide important data for establishing China’s 15th Five-Year Plan (2026?2030)."

However, Lin Tao, deputy director of the National Bureau of Statistics, emphasized at the press conference that the upward revision of the 2023 GDP would not have a significant impact on this year’s GDP growth rate.

The day before, the World Bank (WB) raised its forecast for China’s GDP growth rate this year by 0.1 percentage points from 4.8% to 4.9%. The Chinese government set this year’s economic growth target at around 5%. As concerns arose that achieving 5% would be difficult due to prolonged domestic demand slump and worsening real estate market conditions, various policies were introduced to stimulate the economy.

China’s growth target for next year is expected to be announced at the National People’s Congress (NPC) in March. Earlier, major foreign media outlets reported, citing sources, that China’s leadership plans to maintain the growth target around 5% next year while raising the fiscal deficit target.

This content was produced with the assistance of AI translation services.