China has overtaken Germany to become the world’s third largest economy in 2007 after the Chinese authorities on Wednesday revised upwards the figures for growth during that year.
China’s National Bureau of Statistics said that the economy expanded by 13 per cent in 2007, a sharp increase from the 11.9 per cent growth rate the authorities had previously stated.
With only the US and Japan now larger than China, the new figures highlight the rapid transformation the Chinese economy has undergone over the last 30 years since the Mao-era controls were first eased, although the economy is now suffering the toughest period in a decade as a result of the global financial crisis.
The news will also reinforce the case for giving China and other large emerging economies a bigger role in global financial decision-making, even if China has been hesitant about taking on new responsibilities.
Full story from the FT