China revised its 2017 economic growth down to 6.8 percent from 6.9 percent, the government statistics office said Friday, as it braces for a possibly worse performance in 2018.

The size of the gross domestic product of the world's second-biggest economy was revised down from 82.7 trillion yuan ($12.1 trillion) to 82.1 trillion yuan, NBS said in a statement on its website.

Annual GDP is calculated twice, the statistics bureau explained, with a preliminary calculation in January the following year and a final verification one year later, which is based on "more comprehensive and reliable basic information".

"Result of each accounting will change to some extent," according to the statement.

Economists in China and abroad have long suspected data is massaged upward, often noting that full-year gross domestic product hits Beijing's pre-set targets with suspicious regularity.

Government officials have said China is expected to have hit its growth target of around 6.5 percent last year.

China is due to release its GDP growth for 2018 on Monday. Recent statistics point to a slowdown.

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Chinese premier vows measures to support the economy
Beijing (AFP) Jan 16, 2019
China will step in to support private businesses and cut taxes to boost the slowing economy, Premier Li Keqiang said Wednesday. Growth in the world's second largest economy is flagging, dragged down by the trade dispute with the US, and growth should slip to 6.2 percent this year according to the World Bank. The slowdown complicates Beijing's efforts to cut debt levels and transition away from an economic model based on exports, manufacturing and investment to one more reliant on domestic cons ... read more