BEIJING - China's 2023 gross domestic product (GDP) has been revised to 129.4 trillion yuan (about $18 trillion), official data showed Thursday.

The amount represents an increase of 3.4 trillion yuan from the preliminary calculation, according to data from the National Bureau of Statistics (NBS).

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China's annual GDP goes through two rounds of accounting: preliminary calculation and final verification. The final verification is conducted based on annual statistical data, final fiscal accounts, and departmental administrative records.

Revising GDP data is an international practice, and it is also a long-standing practice in Chinese government statistics, deputy NBS head Lin Tao told a press conference on Thursday.

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Work to revise the 2023 GDP of China's provincial-level regions is ongoing, with results to be unveiled in 2025, according to Lin.