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China GDP: 2020 economic growth revised down with Beijing braced for headwinds

  • China revised down its 2020 gross domestic product (GDP) growth rate to 2.2 per cent year on year, from 2.3 per cent previously
  • Last year’s GDP was also cut by 241.9 billion yuan (US$37.98 billion) from the initial figure published in January to 101.36 trillion yuan (US$15.91 trillion)

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China revised its 2020 gross domestic product (GDP) growth to 2.2 per cent year on year, down from 2.3 per cent previously, the National Bureau of Statistics said on Friday. Photo: Bloomberg

China has revised down the size of its economy as well as its growth rate for 2020 with Beijing increasingly worried about mounting headwinds and a further slowdown in economic activities.

Authorities revised down China’s 2020 gross domestic product (GDP) growth rate to 2.2 per cent year on year, down from 2.3 per cent previously reported, the National Bureau of Statistics said on Friday.
Beijing did not publish a GDP growth target for 2020 for the first time in a decade since it faces big uncertainty.

Last year’s GDP was also cut by 241.9 billion yuan (US$37.98 billion) from the initial figure published in January to 101.36 trillion yuan (US$15.91 trillion).

The routine annual revision creates a lower base and could potentially result in a larger increase in 2021 than initially expected.

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