China has revised upward its 2023 gross domestic product (GDP) by 2.7%, bringing the total to 129.4 trillion yuan ($17.73 trillion), the National Bureau of Statistics announced yesterday. The updated figure was made public at a press conference in Beijing after the conclusion of the country’s fifth National Economic Census.
According to NBS head Kang Yi, the upgrading was based on more sophisticated economic data, among others, such as an extraordinary rise in the number of business entities and workers being employed in the secondary and tertiary sectors. Compared with 2018, which saw steady growth, the structure of China’s economy underscores the structural shifts that were witnessed in these industries including manufacturing, construction, and services.
Despite improved GDP, China struggles in various departments
However, the report also had challenges within the real estate sector. Employment in property development has dropped by 27% since 2018. Only 2.71 million people are employed in the sector as of December 2023. The sharp decline mirrors the continuing struggles in China’s property market. The sector has been bearing mounting financial pressure and has seen demand dropping in the last few years.
Despite these challenges, it is clear that the real GDP figure bodes resilience and adaptability for a broader Chinese economy. Continued growth in manufacturing and service sectors compensates for a weakness in real estate; the adjustment also shows some efforts by the government to give a more accurate and transparent picture of the country’s economic scenario.
In dollar terms, the new GDP amounts to $17.73 trillion, given the exchange rate of 7.2992 yuan per dollar. China, thereby, solidifies its place as one of the largest and most powerful economies in the world.
Data serves as a reminder of China’s steady economic recalibration with regard to sustainable growth and diversification. Global uncertainties seem to persist, and hence these structural changes are very likely to determine the fate of the nation’s economic trajectory in the coming years.
Also, see: Invest in these three stocks in 2025 for long-term and quick gains