China Revises 2023 GDP to 129.4 Trillion Yuan

China's National Bureau of Statistics (NBS) has revised its 2023 GDP upwards to 129.4 trillion yuan ($17.73 trillion), reflecting an increase of 2.7% from earlier estimates. The revision, attributed to the fifth National Economic Census, raises concerns about the trustworthiness of initial data and whether such adjustments are intended to bolster perceptions of economic strength amid global skepticism regarding China's recovery post-COVID-19. Despite this upward revision, forecasts for China's economic growth remain around 5% for the current year. The World Bank has also slightly increased its growth forecasts for China, yet warns of persistent challenges from a sluggish property sector and declining consumer confidence. Employment in the tertiary sectors has improved, while the property sector has seen a significant drop in jobs, with a 27% decline in employment in property development since 2018. The NBS plans to release additional details regarding the revisions in due course.