The National Bureau of Statistics cut its 2020 GDP figure, announced in January, by 241.9 billion yuan ($37.98 billion), to 101.36 trillion yuan ($15.91 trillion).
After the correction, the 2020 annual growth rate was reduced from 2.3 percent to 2.2 percent.
About half of the correction came from the real estate industry, where many large firms were in debt crisis. The annual growth rate of the sector, whose year-end revenue was reduced by 112.8 billion yuan ($ 17.71 billion), was reduced from 2.9 percent to 1.3 percent.
The year-end revenue in the construction industry was decreased by 55.1 billion yuan ($8.65 billion), while the revenue of the manufacturing industry was increased by 47.4 billion yuan ($7.44 billion).
The bureau also reduced the growth rate for 2019 from 6.1 percent to 6 percent with the correction made at the end of last year.
The Chinese government had not announced an annual growth target for the first time in decades in 2020, when the impact of the new type of coronavirus (Kovid-19) epidemic was felt in the economy.
More than 6% growth is targeted in 2021
The Chinese economy grew by 18.3 percent in the first quarter of this year, 7.9 percent in the second quarter, and 4.9 percent in the third quarter. The growth rate is expected to fall below 4 percent in the last quarter.
The government had set a growth target of "over 6 percent" in 2021. Analysts are skeptical that the target will be met due to the slowing growth momentum, and they estimate that the annual growth will remain around 5 percent.
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