China’s National Bureau of Statistics (NBS) has revised the country’s GDP for 2023 to approximately 129.43 trillion yuan ($17.73 trillion), reflecting an increase of 3.37 trillion yuan from initial estimates. This adjustment follows the completion of the Fifth National Economic Census, which highlighted significant progress in China’s high-quality development over the past five years.
The census revealed substantial growth in secondary and tertiary industries, with the number of legal entities rising by 52.7% to 33.27 million and employment increasing by 11.9% to 428.98 million. Corporate assets in these sectors reached 1,439.1 trillion yuan, while business revenues grew by 50.2% to 442.6 trillion yuan compared to 2018.
Additionally, the census showcased advancements in the digital economy, with 2.916 million companies employing over 36 million people, and significant growth in strategic emerging industries and R&D efforts. Experts noted that these developments reflect China’s commitment to high-quality economic growth and its increasing global competitiveness.
