{"id":109881,"date":"2024-12-26T14:36:21","date_gmt":"2024-12-26T10:36:21","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=109881"},"modified":"2024-12-26T14:36:25","modified_gmt":"2024-12-26T10:36:25","slug":"china-revises-2023-gdp-upwards-amid-mixed-economic-signals","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/china-revises-2023-gdp-upwards-amid-mixed-economic-signals\/12\/26\/market-updates\/","title":{"rendered":"China Revises 2023 GDP Upwards Amid Mixed Economic Signals"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Key Updates on GDP and Growth<\/strong><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Revised GDP Figures<\/strong>:\n<ul class=\"wp-block-list\">\n<li>China&#8217;s <strong>2023 GDP<\/strong> was revised upwards by <strong>2.7%<\/strong> to <strong>129.4 trillion yuan<\/strong> ($17.73 trillion), reflecting updated data from the <strong>fifth national economic census<\/strong>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Growth Target for 2023<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Policy measures implemented late in the year helped set the economy on track to achieve the government&#8217;s growth target of <strong>&#8220;around 5%&#8221;<\/strong> for 2023.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Outlook for 2024<\/strong>:\n<ul class=\"wp-block-list\">\n<li>The <strong>National Bureau of Statistics<\/strong> emphasized that the GDP revision would not significantly affect the growth rate for 2024.<\/li>\n\n\n\n<li>However, challenges such as potential U.S. tariff hikes and subdued confidence in key sectors, including property, weigh on next year&#8217;s outlook.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Economic Challenges and Adjustments<\/strong><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>COVID-19 and External Risks<\/strong>:\n<ul class=\"wp-block-list\">\n<li>The economic census highlighted the impact of <strong>COVID-19<\/strong> and shifting global dynamics over the past five years.<\/li>\n\n\n\n<li>Despite these challenges, China has maintained a &#8220;generally stable trend,&#8221; according to <strong>Kang Yi<\/strong>, head of the National Bureau of Statistics.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Property Sector Concerns<\/strong>:\n<ul class=\"wp-block-list\">\n<li>A severe <strong>property crisis<\/strong> has hindered recovery efforts, with employment in property development companies declining by <strong>27%<\/strong> to <strong>2.71 million<\/strong> from 2018 to 2023.<\/li>\n\n\n\n<li>However, total employment in the broader property industry rose by <strong>40.2%<\/strong> to <strong>14.398 million<\/strong> during the same period, suggesting shifts within the sector.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Labor Market Insights<\/strong><\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Tertiary Industry Expansion<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Employment in <strong>tertiary industries<\/strong>\u2014including retail, transport, finance, and property\u2014grew by <strong>25.6%<\/strong>, indicating structural shifts toward service-oriented sectors.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Decline in Secondary Industries<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Jobs in <strong>secondary industries<\/strong> such as mining, manufacturing, and construction fell by <strong>4.8%<\/strong>, reflecting a broader shift in China&#8217;s economic focus.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>World Bank Forecasts<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>World Bank<\/strong> raised its <strong>2024-2025 growth forecast for China<\/strong>, citing policy support and recovery measures.<\/li>\n\n\n\n<li>However, <strong>subdued business and household confidence<\/strong>, coupled with challenges in the property market, continue to act as headwinds for sustained growth.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h3>\n\n\n\n<p>China&#8217;s revised GDP data for 2023 paints a mixed picture of resilience amid adversity. While the economy shows signs of stability and structural transformation, macroeconomic challenges\u2014especially in the property sector\u2014will remain critical factors shaping its trajectory in 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Updates on GDP and Growth Revised GDP Figures: China&#8217;s 2023 GDP was revised upwards by 2.7% to 129.4 trillion yuan ($17.73 trillion), reflecting updated data from the fifth national economic census. Growth Target for 2023: Policy measures implemented late in the year helped set the economy on track to achieve the government&#8217;s growth target &hellip;<\/p>\n","protected":false},"author":9,"featured_media":54758,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6832,7529],"class_list":["post-109881","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-china","tag-lending"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=109881"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109881\/revisions"}],"predecessor-version":[{"id":109883,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109881\/revisions\/109883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/54758"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=109881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=109881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=109881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}