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China’s economy in 2024 was officially revised downward following a final verification by the country’s statistics bureau, highlighting ongoing adjustments in the world’s second-largest economy. According to the latest announcement released on Friday, China’s gross domestic product for 2024 stood at 134.8 trillion yuan, equivalent to approximately $19.23 trillion in nominal terms. This figure reflects a reduction of 101.8 billion yuan compared with the preliminary GDP data released earlier.
The revision underscores the routine process of economic recalibration carried out by Chinese authorities, which involves comprehensive data checks after initial estimates. Such revisions are common in major economies and are intended to improve accuracy by incorporating more complete information from various sectors, including industry, services, and consumption. While the adjustment is relatively modest compared with the overall size of China’s economy, it has drawn attention from global investors and analysts closely tracking China’s growth trajectory.
Despite the downward revision for 2024, Chinese officials have maintained an optimistic outlook for the coming years. In July, China’s state planner stated that the country’s economy is expected to exceed 140 trillion yuan in 2025, signaling confidence in continued economic expansion. This projection suggests that policymakers anticipate steady recovery momentum supported by domestic demand, infrastructure investment, and gradual stabilization in key sectors such as property and manufacturing.
China’s economic performance remains a critical factor for global markets, given its central role in international trade, supply chains, and commodity demand. Even with the revised GDP figure, China continues to rank among the largest economies worldwide, with growth trends closely monitored by governments, businesses, and financial institutions.
The revised data may also influence policy decisions, including fiscal spending and monetary support measures, as authorities seek to balance growth, employment, and financial stability. As China moves into 2025, expectations of surpassing the 140 trillion yuan mark reinforce the country’s long-term economic ambitions, even as short-term challenges and data revisions remain part of the economic landscape.
