China's 2023 GDP Revised Upward to $17.73 Trillion

Forex - China's gross domestic product (GDP) for 2023 was revised upward by 2.7%, reaching 129.4 trillion yuan (17.73 trillion dollars). The head of the National Bureau of Statistics of China announced the revised data at a press conference.

It remains uncertain how this revision will impact China's real GDP, excluding the effects of price changes. In January, China reported a GDP growth rate of 5.2% for 2023. According to analysts, the revision may boost real GDP growth for 2023 and could exert pressure on economic expansion in 2024.

Beijing has set a growth target of approximately 5% for this year. However, a prolonged decline in the real estate sector and weak domestic consumption have slowed economic growth in the last quarter. In response, Chinese leaders have eased monetary policy and increased fiscal spending to achieve their targets.

The Bureau of Statistics announced that it will provide more detailed information regarding the revision in the coming days.