China raises its estimate for the size of its economy in 2023

AP Business Writer

BANGKOK (AP) — China says its economy grew a bit more in 2023 than earlier thought, according to an economic census conducted every five years. The government said the revision would not affect its expectations for “about 5%” growth this year. It raised the estimate for total economic activity, or GDP, in 2023 by 2.7% to 129.4 trillion yuan ($17.7 trillion). The exact impact on China’s annual economic growth in 2023 was not given and officials said further details would be released later. Also Thursday, the World Bank said it had lifted its estimate for China’s growth this year to 4.9% from an earlier forecast of 4.8%. It said recent efforts to support the economy were helping.