China Revises 2023 GDP Figures, NBS Clarifies Minimal Impact on 2024 Growth

China's Beijing
Spread the love

BEIJING – The National Bureau of Statistics (NBS) announced on Friday that revising GDP data is a standard international practice and remains a routine aspect of China’s statistical processes.

The updated GDP figures for 2023, released on Thursday, show a significant upward revision but are not expected to have a major effect on the country’s GDP growth rate for 2024.

China’s gross domestic product (GDP) for 2023 has been revised to ¥129.4 trillion (approximately $18 trillion), marking an increase of ¥3.4 trillion from the preliminary estimate. The revision follows updates based on data from the Fifth National Economic Census and aligns with China’s GDP accounting methodology.

According to a statement published on the NBS website, GDP calculations in China involve two stages: a preliminary estimate based on statistical survey data and administrative records, and a final verification that incorporates more comprehensive data. In years when an economic census is conducted, census data provides detailed insights that are used to refine earlier calculations.

The NBS emphasised that economic censuses play a critical role in enhancing the accuracy of GDP calculations. These censuses provide “comprehensive, rich, and precise foundational data,” offering a more detailed picture of economic activity across various sectors.

“The revision of GDP figures is a globally recognised practice,” the NBS noted, adding that the revised 2023 GDP would serve as the base for the 2024 preliminary calculation, ensuring continuity and accuracy in growth rate measurements.

Despite the significant increase in the 2023 GDP figure, the NBS clarified that this adjustment would not substantially alter the 2024 growth rate. “The growth rates of various industry-related indicators will continue to guide GDP calculations for 2024,” the bureau explained.

The revision comes as China continues to navigate complex domestic and international economic conditions. Analysts suggest that the revised figures highlight the resilience of China’s economy and its efforts to provide a more accurate reflection of its economic performance.

With the updated GDP data, policymakers are expected to rely on a more robust statistical foundation for planning and implementing economic strategies. The revisions also underscore the importance of the National Economic Census in identifying new growth drivers and recalibrating sectoral contributions to the economy.

China’s emphasis on transparency in its statistical practices aligns with international norms. GDP revisions are common worldwide, allowing governments to incorporate more accurate data as it becomes available. Such updates enable comparisons across economies and contribute to global economic assessments.

The revised 2023 GDP reflects China’s ongoing commitment to refining its economic data, a critical tool for navigating future challenges and sustaining growth in an increasingly complex global landscape.