China now 4th largest economy, says WB
(China Daily)
Updated: 2006-07-04 08:12 He noted that in areas such as technological prowess, management expertise,
industrialization and urbanization, China is still playing catch up with other
developed countries.
Li Yongsen, an economist with the Renmin University
of China, said that in per capita term, China is still years away from Britain
and other developed countries.
"We should pay more attention to economic
growth quality, making sure that this breakneck growth does not come at the
expense of energy and the environment," he said.
China said on December
20, 2005 that its economy was far bigger than previously estimated.
It
revised its economic data after a year-long nationwide economic census uncovered
about US$280 billion in hidden economic output in 2004. The amount is roughly
equivalent to an economy the size of Turkey or Indonesia, or 40 per cent of
India's economy.
That means that China's gross domestic product in 2004
was nearly US$2 trillion, not the US$1.65 trillion previously reported. With its
GDP up 17 per cent, China was the sixth-largest economy in the world last year.
The new figures provide good news for China, economists say, suggesting
that the country's economy is healthier, more diversified and more capable of
sustaining growth than previously believed.
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