December 20, 2005

China onward march to become world's 6th largest economy

China raised its estimate of output this week by a sixth. The new estimate is based on a nationwide census which means China is now above Italy in sixth place in the world economic rankings of 2004 output, measured in dollars at market exchange rates.

Based on 2005 exchange rate movements and relative growth rates, economists calculate that China has now risen to fourth place, ahead of France and Britain, but behind the US, Japan and Germany.

The revision reflects better information on the services sector and on private firms, unearthed during a survey using 13 million people - one in every 100 Chinese.
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