China's Economic Update: GDP Revised and Employment Shifts

China has revised its 2023 GDP up by 2.7% to 129.4 trillion yuan. Policy support aims to meet a growth target of 5%, but U.S. tariff concerns persist. The economic census highlights shifts in the job market, with more employment in tertiary sectors and declines in secondary industries.

China has adjusted its 2023 gross domestic product (GDP) figures, raising them by 2.7% to 129.4 trillion yuan ($17.73 trillion), according to a prominent statistics official. This revision comes as the fifth national economic census is released.

Despite policy support aiming to achieve a growth target of 'around 5%' as economic activity revives, challenges such as potential U.S. tariff hikes pose risks for the coming year, according to Kang Yi, head of the National Bureau of Statistics. Details of this revision will be shared on the bureau's website soon.

Challenges have been numerous; however, China's economy has remained stable, noted Kang. The economic census, covering three pandemic-impacted years, also showed significant job market shifts with a rise in tertiary industry employment and a decrease in secondary industries. A severe property crisis factors into this shift, showing substantial declines in property development employment.

(With inputs from agencies.)