China's Economy: Adjusted Upward Amid Global Challenges

China has revised its 2023 GDP figures upwards by 2.7% to 129.4 trillion yuan. Despite achieving a potential growth target of around 5%, challenges such as U.S. tariff hikes persist. The latest economic census reveals a robust tertiary industry growth in employment, overshadowing a decline in secondary sectors.

China has revised its 2023 gross domestic product (GDP) figures upward by 2.7% to 129.4 trillion yuan, according to a statement released on Thursday by Kang Yi, head of the National Bureau of Statistics. This data was unveiled during the presentation of the fifth national economic census.

Policy support has steered China's economy toward achieving a growth target of 'around 5%' amid slight improvement in economic activity. Nevertheless, U.S. tariff hikes still pose challenges for future growth prospects. The bureau will release further details of this revision on its website in the coming days.

Despite facing internal and external challenges, China's economy has maintained stability, said Kang Yi. The latest economic census highlighted substantial growth in tertiary industries employment and a decrease in secondary industries. A property sector crisis continues to impact macroeconomic recovery, underscored by a notable reduction in property developer jobs.

(With inputs from agencies.)