| Sileshow |
| Administrator |
|
| |
| Dołączył: 16 Gru 2005 |
| Posty: 81 |
Przeczytał: 0 tematów
Ostrzeżeń: 0/5
|
|
|
|
 |
|
 |
|
China probably the world´s No.4 economy now
--------------------------------------------------------------------------------
China climbs economic rankings
BEIJING, China (AP) -- China sharply raised the official size of its economy Tuesday after taking into account emerging service industries, saying its output last year was 16.8 percent higher than previously reported.
Based on the new data, China replaced Italy in 2004 as the world's 6th-largest economy, but still ranked behind Britain and France. The biggest economies are the United States, Japan and Germany.
Experts estimate that China probably overtook France and the United Kingdom during 2005 to be the world's No. 4 economy now.
The figures were issued by the National Bureau of Statistics following a survey meant to gather more accurate data on China's emerging service industries, which were underreported in earlier statistics.
The government also will revise its economic growth figures back to 1993 based on the new research, the director of the statistics bureau, Li Deshui, said at a news conference.
The data could have far-reaching effects on social and economic policymaking, showing that restaurants, retailers, real estate firms and other service businesses make up a much bigger share of China's economy than previously thought.
Economists have long said China's already stunning official figures showing annual growth above 9 percent in recent years understate the size of its economy due to old-fashioned data gathering that undercounted emerging service industries.
Based on the new research, the government raised its estimate of China's economic output in 2004 to nearly 15.987 trillion yuan ($1.98 trillion), Li said.
He said that was an increase of 2.3 trillion yuan ($285 billion) over the figure previously reported.
Service industries' share of economic output jumped from 31.9 percent to 40.7 percent, Li said.
The survey also found smaller increases in economic output from the manufacturing, farming and other sectors also rose, but by very small margins, Li said.
"These new GDP data are a major improvement over the previous ones," Bert Hofman, the World Bank's chief economist in Beijing, said in a statement.
"Many policy issues that the government wants to tackle ... need reliable data for those issues to be assessed correctly."
Other governments have reported similarly large jumps in output when they change the way they measure their economies, including a 17 percent increase for Indonesia in 2004 and 11 percent for Norway in 1995, the World Bank statement said.
link
China climbs world economic table
China has moved up the world economic rankings after reporting that its gross domestic product (GDP) is much larger than had earlier been thought.
China has moved up the world economic rankings after reporting that its gross domestic product (GDP) is much larger than had earlier been thought.
According to a state report on Tuesday, China's economy was 16.8% larger in 2004 than initially calculated.
That puts China into sixth place in terms of economic size, ahead of Italy and close behind the UK and France.
If current growth continues, China could squeeze into fourth position by the end of 2005, economists believe.
As it gets larger, China is going to have to deal with both political and economic implications, analysts said.
'Long tradition'
Beijing is already under pressure to allow its currency to strengthen, with nations including the US arguing that it is keeping the yuan undervalued in order to boost exports.
As its economy becomes bigger and more robust, critics are likely to argue that it can better withstand a more freely traded currency.
Some sceptical economists point out that China has a long tradition of massaging statistics
Louisa Lim, BBC Beijing
China also is catching up on Asia's biggest economy, Japan, and there are likely to be political concerns as it becomes a more important and dominant force in the region, analysts say.
However, Louisa Lim, the BBC's correspondent in Beijing, urged caution when dealing with data compiled by the Chinese government.
"Some sceptical economists point out that China has a long tradition of massaging statistics for political motives," she said.
Even so, she pointed out that the World Bank had welcomed the new figures as a major improvement.
"It's not uncommon for countries with dynamic economies to under-represent rapidly growing enterprises," she said.
'Healthy'
Tuesday's figures were issued by the National Bureau of Statistics following a survey that aimed to gather more accurate data.
According to the report, China's economy was 2,300bn yuan ($283bn) bigger than previous figures had shown.
The new research raised the estimate of China's economic output in 2004 to nearly 16 trillion yuan.
Service industries accounted for 93% of the revision, the bureau said - a reflection of how the sector is playing an ever more important role in China's economy.
"The revised statistics show that China's economic structure is more reasonable and healthy than the previous figures showed," Li Deshui, the head of the National Bureau of Statistics, told a news conference.
Economists have long said that China's official annual growth figure of 9% understates the size of its economy.
Inside and out
China has recently been benefiting from strong exports and improving domestic demand.
The Organisation for Economic Co-operation and Development (OECD) said last month that domestic demand would improve between 2006 and 2007, and that China would increase its share of global trade.
The OECD expects the Chinese economy to grow by 9.3% in 2005, rising to 9.4% next year and 9.5% in 2007.
Despite the sharp upward revision of its GDP, economic output per person is still quite low.
"We still have a long way to go to catch up with the developed countries," Mr Li said.
link |
|
