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 [...]
China’s stimulus plans are aimed to guarantee at least 9 percent economic growth over the next two years, according to a senior State Council researcher.
“The huge new spending initiative can help achieve that,” said Li Jianwei, an economist with the State Council’s Development Research Center, a think-tank under the nation’s Cabinet.
Li said this target could [...]