China Boosts GDP Estimate Amid Economic Shifts

China revised its 2023 GDP upward by 2.7% to 129.4 trillion yuan, according to the National Bureau of Statistics. The fifth National Economic Census highlighted growth in secondary and tertiary industries, while employment in property development dropped sharply since 2018.

China has announced a significant upward revision of its 2023 gross domestic product (GDP) to 129.4 trillion yuan, marking a 2.7% increase. The head of the National Bureau of Statistics, Kang Yi, delivered the news at a Beijing press conference.

The revision coincides with findings from China's fifth National Economic Census, which revealed an increase in business entities and employment within the secondary and tertiary sectors by the end of 2023, reflecting growth over the 2018 figures.

However, the census data also indicated a 27% decline in employment within the property development sector, dropping to 2.71 million by the end of 2023. The figures highlight the evolving economic landscape within the country.

(With inputs from agencies.)