China now 4th largest economy -WB
Updated: 2006-07-04 06:02
China said on December 20, 2005 that its economy was far bigger than
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.