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

China’s economy grew slightly more in 2023 than previously estimated, with GDP revised to 129.4 trillion yuan. The World Bank raised its growth forecast for China to 4.9% this year and 4.5% in 2024, citing ongoing recovery efforts amidst challenges in the property sector and potential threats from trade restrictions. The report emphasizes the need for China to address inequality and strengthen its social safety net to ensure sustainable growth and support for vulnerable segments of its population.

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