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post #1 of 15 (permalink) Old 01-14-2009, 12:21 PM Thread Starter
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China officially surpasses Germany - already the third largest economy in the world

http://biz.yahoo.com/ap/090114/as_china_economy.html

Quote:
China raises '07 economic growth, passing Germany
Wednesday January 14, 7:41 am ET
By Joe Mcdonald, AP Business Writer
China passes Germany to become world's 3rd-largest economy after 2007 GDP revision

BEIJING (AP) -- China surpassed Germany to become the world's third-largest economy behind the United States and Japan after Beijing on Wednesday raised its estimate of economic growth in 2007.

The status is symbolic -- China's 1.3 billion people are, on average, among the world's poorest -- but reflects the country's explosive growth as it became the world's factory and a trading power over 30 years of economic reform.

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The government revised its estimate of 2007 economic growth from an already high 11.9 percent to an eye-popping 13 percent, the fastest rate since 1994.

That raised China's gross domestic product to 25.7 trillion yuan, or $3.5 trillion at 2007 exchange rates, the national statistics agency said. That would be ahead of Germany's 2007 GDP of 2.4 trillion euros, or $3.3 trillion at an exchange rate produced by averaging rates on the 15th of each month during that year. Based on only Dec. 31, 2007, exchange rates, China was slightly behind Germany but would have passed it early last year.

"Today's numbers definitely raise the weight of China in the world economy," said Merrill Lynch economist Ting Lu, who said his own calculations showed China passed Germany in 2007.

"I think it will take only three to four years for China to overtake Japan as the second-largest economy in the world," he said.

The revision comes at a time when Beijing is struggling to reverse a sharp slowdown in growth caused by global economic turmoil. The government is launching a 4 trillion yuan ($586 billion) stimulus package and has promised measures to help struggling exporters and producers of autos and steel.

"The change in GDP estimates for two years ago will not alter the economy's near-term outlook. The only effect is perhaps negative, as a stronger 2007 would make the 2008 slowdown more upsetting," said Sherman Chan, a Moody's Economy.com analyst.

The United States is the world's biggest economy at $13.8 trillion in 2007, followed by Japan at $4.4 trillion.

Germany's 85 million people also were still far ahead of China in GDP per person in 2007 at 28,200 euros ($38,800).

China's GDP per person was 19,800 yuan ($2,800) in 2007, but the country has wide disparities of wealth and poverty, and many live on far less than that. Chinese officials say more than 100 other countries have a higher income per person.

China began shifting from communist central planning to a market-style economy in 1979 under then-supreme leader Deng Xiaoping. GDP that year was the equivalent of just $300 billion -- one-tenth of the 2007 level -- according to the International Monetary Fund.

Deng's reforms would allow hundreds of millions of people to lift themselves out of poverty over the next three decades and transform major cities into forests of skyscrapers and modern apartment blocks, their streets jammed with private cars.

China routinely revises past economic data as it gathers new information on the fast-changing economy, and already had raised 2007 growth once last spring, from 11.3 percent to 11.9 percent. The statistics bureau's two-sentence statement Wednesday did not explain the factors behind the latest change.

Independent economists say China's economy is believed to have grown by another 9 percent in 2008 despite the global downturn.

But they have slashed 2009 forecasts to as low as 6 percent. That would be the highest for any major economy but is worrisome for communist leaders who need to satisfy a public that expects steadily rising incomes.

Lu said it will be decades before China can match U.S. output, if it ever can.

"Even if growth in the U.S. is zero, China still would have to double and double again to overtake the U.S.," he said. "It would be more than 20 years, and that is so far out it is very hard to forecast what will happen."

National Bureau of Statistics (in Chinese): http://www.stats.gov.cn

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post #2 of 15 (permalink) Old 01-14-2009, 12:44 PM
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Re: China officially surpasses Germany - already the third largest economy in the wor

Pointless propaganda.
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post #3 of 15 (permalink) Old 01-14-2009, 07:59 PM
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Re: China officially surpasses Germany - already the third largest economy in the wor

wow!!! a country of over a billion now surpasses a country of 80 million.
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post #4 of 15 (permalink) Old 01-15-2009, 12:38 AM
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Re: China officially surpasses Germany - already the third largest economy in the wor

wot? we're still in 4th ?
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post #5 of 15 (permalink) Old 01-15-2009, 07:23 AM
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Re: China officially surpasses Germany - already the third largest economy in the wor

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Originally Posted by martinatreue View Post
wow!!! a country of over a billion now surpasses a country of 80 million.
shows you how weak china is
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post #6 of 15 (permalink) Old 01-15-2009, 09:08 AM
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Re: China officially surpasses Germany - already the third largest economy in the wor

Interesting.

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post #7 of 15 (permalink) Old 01-16-2009, 07:24 AM
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Re: China officially surpasses Germany - already the third largest economy in the wor

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Originally Posted by JolánGagó View Post
Pointless propaganda.
It's the truth.
A:China indeed becomes the 3rd largest economy in the world
B:China is still a very poor country considering the huge population.

why do you "naturally" think it is propaganda or something?
tell me which part of this report is propaganda,and for what??
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post #8 of 15 (permalink) Old 01-16-2009, 07:27 AM
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Re: China officially surpasses Germany - already the third largest economy in the wor

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Originally Posted by martinatreue View Post
wow!!! a country of over a billion now surpasses a country of 80 million.

Yes,China is one of the poorest country in the world,the report also says this. what is your exact point here?
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post #9 of 15 (permalink) Old 01-16-2009, 08:23 AM
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Re: China officially surpasses Germany - already the third largest economy in the wor

Quote:
Originally Posted by Joe Mcdonald
Beijing on Wednesday raised its estimate of economic growth in 2007.
Two problems with this:

1) You can't be sure that China is being honest about their economy.

2) Estimates can be very inaccurate.


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post #10 of 15 (permalink) Old 01-16-2009, 12:45 PM
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Re: China officially surpasses Germany - already the third largest economy in the wor

But Germany still richer than china
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post #11 of 15 (permalink) Old 01-16-2009, 10:32 PM
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Re: China officially surpasses Germany - already the third largest economy in the wor

If it wasn't for Mao Zedong, China's economy would be up there with America. Look at Hong Kong and you can see how well they live under free market conditions.
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post #12 of 15 (permalink) Old 01-18-2009, 02:32 PM
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Re: China officially surpasses Germany - already the third largest economy in the wor

Quote:
Originally Posted by Jimnik View Post
If it wasn't for Mao Zedong, China's economy would be up there with America.
I don't think that's true at all. Of course I'm not in favor of totalitarian governments, but before China became communist they were lagging centuries behind. The economic system may be brutal, but it's what has allowed them to modernize so quickly.


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post #13 of 15 (permalink) Old 01-19-2009, 05:22 AM
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Re: China officially surpasses Germany - already the third largest economy in the wor

Quote:
Originally Posted by Scotso View Post
I don't think that's true at all. Of course I'm not in favor of totalitarian governments, but before China became communist they were lagging centuries behind. The economic system may be brutal, but it's what has allowed them to modernize so quickly.

China was leading the world for more than 2000 years, and then lagging behind for 200 years because of the savage imperialist invasion,especially during 1840-1945,China is now on its way to rejuvenation.
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post #14 of 15 (permalink) Old 01-19-2009, 06:47 AM
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Re: China officially surpasses Germany - already the third largest economy in the wor

What a xxxx Scotso
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post #15 of 15 (permalink) Old 01-19-2009, 04:48 PM
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Re: China officially surpasses Germany - already the third largest economy in the wor

I agree with Scotso, Communist China has done a lot for China. The question though, is, has it done a lot for the people of China, in a humanitarian sense? The answer would be a resounding no. Same thing can be said about the USSR.
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