Beijing: China on Friday announced a downward revision of its gross domestic product (GDP) figures for the previous year, as reported by state media. The revision reflects a decrease in the GDP to 134.8066 trillion yuan (approximately $19.16 trillion), a reduction of 101.8 billion yuan from the preliminary figures.

According to Anadolu Agency, the National Bureau of Statistics of China confirmed that despite the revision, the final verified GDP growth rate for 2024 remains stable at 5%, consistent with the initial calculations. The GDP target for the current year is maintained at 'around 5%', according to a report from the bureau.

The report elaborates on China's GDP accounting process, stating that it involves two stages: preliminary calculation and final verification. The final verification is based on comprehensive data, including annual statistical records, final fiscal accounts, and departmental administrative records. This process ensures the accuracy of the economic figures and reflects the nation's economic performance for the year.