China revised upwards its 2007 growth figures Wednesday, indicating the Asian giant overtook Germany as the worlds third largest economy, analysts said.
Chinas economy expanded by 13 percent in 2007, up from a previous calculation of 11,9 percent, the National Bureau of Statistics said.
China is now only behind the US, whose economy was worth 13,8 trillion US dollar in 2007, and Japan, at 4,4 trillion, according to World Bank figures.
The figure was released as China faces the weakest economic expansion since 1990 after exports collapsed because of the global recession.
Chinas economy may now be as much as 15 percent larger than Germanys, Louis Kuijs, a Senior Economist at the World Bank in Beijing, estimated.
– The size of Chinas GDP tells us something about how quickly it is getting richer compared to other countries but in terms of per-capita GDP it is still less than 10 percent as rich as Germany is, said Kuijs.
Meanwhile, the World Banks Chief economist Justin Lin said Tuesday, that Chinas huge trade surplus with the US has been caused more by structural issues, such as too much consumption in the US and excessive saving in China, rather than the value of the Yuan.
Kilde: www.woldbank.org
