China Revises GDP for 2023

BEIJING (Reuters) – China on Thursday revised its 2023 gross domestic product (GDP) upward by 2.7%, reaching 129.4 trillion yuan ($17.73 trillion), according to Kang Yi, head of the National Bureau of Statistics, during a press conference in Beijing.

The fifth National Economic Census, released by the bureau on Thursday, revealed an increase in the number of business entities and employment in the secondary and tertiary industries at the end of 2023 compared to the end of 2018.

However, employment within property developers saw a significant decline, dropping 27% to 2.71 million at the end of 2023 compared to the end of 2018, according to the economic census data.

($1 = 7.2992 Chinese yuan)