China revises upward 2021 GDP growth rate by 0.3 point to 8.4%

China on Tuesday revised upward its inflation-adjusted economic growth rate for 2021 by 0.3 percentage point to 8.4 percent following data revisions.

The pace of expansion in industries such as manufacturing, transportation and the hotel and restaurant sector was faster than initially estimated, according to China's National Bureau of Statistics.

In 2021, China posted solid growth with consumer and corporate confidence recovering and exports recuperating from the initial shock of the coronavirus pandemic.

However, the world's second-largest economy's growth slowed significantly recently, affected by the nation's stringent "zero-COVID" policy involving lockdowns that disrupted supply chains, dampened consumption and increased unemployment.

In the first nine months of 2022, China's economy expanded 3.0 percent from a year earlier, with analysts predicting Beijing is unlikely to achieve its growth target of around 5.5 percent for the year.

The Chinese government usually releases the nation's annual gross domestic product data in January every year.

© Kyodo News