China revises GDP figures, saying economy was 3.4pc bigger last year
2013 GDP increased by 3.4pc but new figure not to affect this year's growth, say authorities
The mainland revised up the size of its economy for last year but sees that having little effect on economic growth this year, amid expectations that Beijing may roll out more stimulus to support the slowing economy.
Gross domestic product was up 3.4 per cent to an estimated 58.8 trillion yuan (HK$74.3 trillion) last year, the National Bureau of Statistics said yesterday, following a new economic census.
That marks a rise of 1.9 trillion yuan in the size of the mainland economy that year, slightly below the entire gross domestic product of Malaysia during the same period.
The upward revision of GDP, which reflected greater contribution from the services sector that may create more jobs as factories struggle, will do little to ease pressures on the government to support the slowing economy, analysts say.
"The economy still faces downward pressure and the government is likely to lower its growth target for 2015," said Tang Jianwei, an economist at Bank of Communications who expected the government to maintain policy stimulus next year.
Services accounted for 46.9 per cent of 2013 GDP, up from an initial estimate of 46.1 per cent, while the secondary sector - which includes manufacturing and construction - accounted for 43.7 per cent, down from 43.9 per cent.
The third economic census, which was published this week, showed the services sector had expanded at a faster clip than the manufacturing sector between 2009 and 2013.
