China Cuts 2024 GDP by USD14B
The National Bureau of Statistics of the world's second-largest economy revealed GDP was recalculated to 134.8066 trillion yuan (approximately $19.16 trillion), representing a reduction of 101.8 billion yuan from initial estimates.
Despite the revision, the NBS confirmed the final verified GDP growth rate for 2024 remained unchanged at 5%, matching preliminary calculations.
China's economic expansion target for the current year stays anchored "around 5%," a bureau report stated.
"China's annual GDP goes through two stages of accounting: preliminary calculation and final verification. The final verification is conducted based on the annual statistical data, final fiscal accounts, and departmental administrative records," the report said.
The downward adjustment—while maintaining the growth percentage—reflects standard reconciliation procedures where the National Bureau of Statistics incorporates comprehensive fiscal data and administrative records unavailable during initial assessments.
The revision underscores Beijing's commitment to data accuracy as the economy navigates persistent challenges including weak consumer demand, property sector distress, and mounting geopolitical pressures affecting trade relationships.
Maintaining 5% growth remains critical for Chinese leadership seeking to demonstrate economic resilience amid global uncertainty and domestic structural headwinds facing the manufacturing and services sectors.
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