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China is the world’s third largest economy
China took Germany’s place as the world’s third largest economy because of it’s revised growth estimate for 2007 – from 11.9 percent to 13 percent, the fastest rate since 1994.
According to an article of the People’s Daily the Chinese National Bureau of Statistics said that at 2007 exchange rates, Germany’s 2007 GDP was 2.4 trillion euros ($3.3 trillion) at an exchange rate based on the average rates on the 15th of each month during that year.
Merrill Lynch economist Ting Lu:
“Today’s numbers definitely raise the weight of China in the world economy, I think it will take only three to four years for China to overtake Japan as the second-largest economy.”
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