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China revises up 2007 economic growth to 11.9 percent: govt
Beijing (AFP) April 10, 2008 China on Thursday revised up its economic growth figure for last year to 11.9 percent from 11.4 percent, putting it closer to overtaking Germany as having the world's third biggest economy. Based on the new calculations, China's economy was last year worth 25.0 trillion yuan, the National Bureau of Statistics said, or about 3.6 trillion dollars (about 2.27 trillion euros) based on current exchange rates. However, it still fell short of overtaking Germany -- whose economy was valued at 2.42 trillion euros in 2007 -- to become the world's third largest economy. "A key factor is that the yuan depreciated against the euro," said Citigroup's Shanghai-based economist Shen Minggao. "It's rather unlikely for the euro to rise by a large margin (against the yuan) this year ... (so) there should be no big problem (for China) to overtake (Germany) in 2008." China had announced in January that the total output of the economy in 2007 was 24.7 trillion yuan. The bureau also said the growth rate in 2006 was now confirmed to be 11.6 percent, up 0.5 percentage points from the previously announced figure. It said the 2007 growth revision was made after a routine assessment of last year's economy. China has in recent years announced similar revisions of its economy and growth calculations. Related Links The Economy
Commentary: Boom to bust
Washington DC (UPI) Apr 04, 2008Borrowing $2 billion to $3 billion a day from other countries to maintain the world's highest standard of living, based on conspicuous consumption, in an age of growing world shortages, while fighting two wars whose costs will soon ring up a $1 trillion tab, is tantamount to living on borrowed time. Valium and Tylenol sales are up, and Viagra down, in the banking world. So far, the subprime tsunami has wiped out half a trillion dollars from the books of major financial institutions in the United States and Europe. |
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