China raises 2007 growth rate
China has revised ts 2007 growth rate and raised it from 11.4% to 11.9% saying it had underestimated its rates from the service sector. China's gross domestic product (GDP) came in at 24.95 trillion yuan ($3.57 trillion; £1.81 trillion). They also raised its measure of 2006 growth from 11.1% to 11.6%. The figures mean that China is closer to overtaking Germany as the world's third-largest economy.
posted by Lakers. Lawyer. Life. at 1:59 PM
1 Comments:
China is clearly on its way to becoming a formidable global power with an economy that is more than twice as large as it was ten years ago. The size of the China’s economy has quadrupled, and some estimate this number will double again in the next decade. Moreover, China has become the world’s major manufacturing centers and consumes a third of the world’s supply of iron, steel, and coal. In addition, China has also accumulated massive reserves, worth more than one trillion at the end of 2006.
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