China Revises 2023 GDP Upward by 2.7% to $17.73 Trillion

The revision, driven by new housing metrics, highlights economic challenges and modest growth expectations for 2024 and beyond.

China's 2023 GDP was revised upward by 3.4 trillion yuan (2.7%) to 129.4 trillion yuan ($17.73 trillion), reflecting changes in how housing services are calculated.
The updated methodology uses rental values instead of housing cost depreciation, adding 1.34 trillion yuan to the housing sector's contribution to GDP in 2023.
Tertiary industries, including retail, finance, and property, saw their share of economic output increase to 56.3% after the revision.
The World Bank raised its 2024 GDP growth forecast for China to 4.9%, citing recent policy easing, though challenges like the property crisis and subdued domestic demand persist.
Chinese leaders plan record fiscal measures in 2025, including 3 trillion yuan in special treasury bonds, to counter economic headwinds such as potential U.S. tariff increases under President-elect Donald Trump.