Trade tensions between the world’s two largest economies began to escalate in 2018, with friction rising the following year as both countries applied tariffs on goods from the other and the U.S. putting major Chinese technology companies on blacklists. Both countries reached a temporary truce with the signing of the phase one trade agreement in January 2020. The Statistics Bureau made the greatest upward changes to the tertiary, or services, industry, with information transmission, software and IT services rising 70.2 billion yuan.
China regularly revises its GDP figures, often toward the end of the year. Many doubt the accuracy of the statistics as local governments typically face political pressure to meet pre-set growth targets. This year, in the wake of the coronavirus pandemic, the central Chinese government made a rare decision not to announce a GDP growth target. Analysts generally anticipate growth of around 2% in 2020.