2004 GDP revised up 16.8%, ranking 6th largest economy
(Xinhua)
Updated: 2005-12-20 13:43

In addition, some of the services affiliated to manufacturing or construction enterprises are estimated but classified into the second industry, while more others are neglected, said Li.

Currently, the local governments in China are using a unified way to revalue their regional GDP according to the statistics of the national economic survey, said Li.

Li said the new statistics from the national economic survey indicate the structure of the three industries is more consistent with the actual situation in China and more in line with the general level of developing countries.

But he noted that although the revision leads to some increase in the total size of the GDP, the ranking of China's per capita GDP is still below 100th in the world.

Exchange rate reform　　

While answering a question on whether China should step up the reform of its exchange regime, Li said China's exchange rate reform which began on July 21 is "successful," noting "This policy should not be changed so frequently."

"The reform of the exchange rate has been proved a successful one," he said.

The floating exchange rate based on market supply and demand and pegged to a basket of currencies instead of a single currency in the past is a major progress of the reform in this regard, the Chinese official noted.

China allowed its currency, the yuan, to appreciate by a modest 2 percent on July 21.

The aim of the exchange rate reform is to build a managed, floating exchange rate mechanism based on market supply and demandand to maintain the yuan's basic stability at a reasonable equilibrium, said the People's Bank of China (PBoC), or the central bank.