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China moves to fourth in GDP rankings
www.chinanews.cn 2005-12-14 09:40:34
(Source: Reuters/chinadaily)
Dec.14 - China is likely to declare itself the world's fourth largest
economy next week, having leapfrogged Italy, France and Britain, after a
widely expected revision of its annual gross domestic product figures.
Economists say the National Bureau of Statistics (NBS), which is due to
release part of the results of its first national economic census on
December 20, is likely to put a much bigger figure on the size of China's
services sector.
Chinese Premier Wen Jiabao is reportedly telling the East Asia Summit
Leaders Dialogue in Kuala Lumpur on Monday that China gross domestic
product (GDP) reached US$2 trillion in 2004 following an average economic
growth rate of a meteoric 9.4 per cent rise over the past 27 years, since
1978.
Chinese Government hopes to double that figure to US$4 trillion and raise
its per-capita GDP to at least US$3,000 by 2020, the English-languge
national newspaper China Daily newspaper quoted Wen as saying.
The Hong Kong-based The South China Morning Post, citing unnamed
economists, reported Tuesday that the agency would probably revise GDP by
as much as $300 billion, or about 20 percent of 2004 output.
A revision of that magnitude could catapult China from the world's
seventh-largest economy into fourth spot, now occupied by Britain.
Jim O'Neill, chief global economist at Goldman Sachs in London, said
China could attain that status even without such a big revision based on
growth rates and currency changes in 2005.
Not only has China grown far more quickly than Italy, France and Britain
this year, but the yuan has risen about 2.5 percent against the dollar,
further boosting its output when measured in dollars. The euro and
sterling, by contrast, have fallen.
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