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China's economy leapfrogs Germany | China's economy leapfrogs Germany |
(about 4 hours later) | |
The Chinese government has increased its estimate of how much the economy grew during 2007. | The Chinese government has increased its estimate of how much the economy grew during 2007. |
The revision means China's economy overtook Germany's to become the world's third largest in 2007. | The revision means China's economy overtook Germany's to become the world's third largest in 2007. |
Gross domestic product expanded 13%, up from an earlier estimate of 11.9%, to 25.7 trillion yuan ($3.5 trillion). | Gross domestic product expanded 13%, up from an earlier estimate of 11.9%, to 25.7 trillion yuan ($3.5 trillion). |
The figures underscore China's emergence as an economic superpower, although the country's growth rate is expected to have dropped to 9% in 2008. | The figures underscore China's emergence as an economic superpower, although the country's growth rate is expected to have dropped to 9% in 2008. |
China's government is taking measures to try and ease the slowdown. | China's government is taking measures to try and ease the slowdown. |
The government has launched a 4 trillion yuan ($586bn) stimulus package and has promised measures to help struggling exporters and vehicle and steel makers. | The government has launched a 4 trillion yuan ($586bn) stimulus package and has promised measures to help struggling exporters and vehicle and steel makers. |
Individually, most of China's more than one billion people remain poor. | Individually, most of China's more than one billion people remain poor. |
Germany's GDP per person was $38,800 in 2007 compared with $2,800 in China, which has wide disparities between rich and poor. | Germany's GDP per person was $38,800 in 2007 compared with $2,800 in China, which has wide disparities between rich and poor. |
China's economy has grown tenfold in the past 30 years. | |
Merrill Lynch economist Ting Lu predicted that it will overtake Japan as the world's second largest economy in "only three or four years". |
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