China: Economy Now 4th Largest in the World

[Frodo]

Now they are just behind the United States, Japan, and Germany -in that order:

Chinese Economy Grows to 4th Largest in the World

By KEITH BRADSHER
Published: January 25, 2006

HONG KONG, Jan. 25 The Chinese economy grew 9.9 percent last year, the third year in a row of roughly 10 percent growth, government statisticians announced in Beijing on Wednesday.

The Chinese statistics, showing a national economic output of $2.26 trillion, sent China soaring past France, Britain and Italy to become the world's fourth-largest economy, after the United States, Japan and Germany.

Some economists adjust China's figures for the low value of its currency and low domestic prices to suggest that if valued at Western prices, China's output has surpassed Germany's as well.

From the clumps of tall cranes that dot the skylines of Chinese cities to the shopping malls packed with buyers to the containers full of exported shirts, toys and other goods that clog Chinese docks, the economy is growing so fast that some experts suggested on Wednesday that China may even have underestimated the true level of growth. A figure of 10 percent or higher might send prices even higher for oil and other commodities that China imports, and might prompt the United States to make even stronger demands that China's currency be allowed to rise appreciably in value against the dollar, said Stephen Green, a China economist with Standard Chartered.

China, like most countries, calculates economic output mainly from data supplied by factories and other producers. But the government's own data on spending by the government, investors, consumers and foreign buyers suggests that the true rate of growth last year may have been as high as 15 percent, Mr. Green said.

Rising exports in particular have helped lift China to an average annual growth rate of 9.6 percent over the past quarter of a century. But economists said that Wednesday's figures showed that consumer spending was becoming increasingly important as well.

source

[Democratic Hawk]

It was inevitable

Dave

[Filuwaúrdjan]

Hasn't this news been broken, like, three times already?

[Moooooo]

Will the ever reach #1?

I remember Ford saying China's economy would slow down when the revalue the yuan.

When do the plan on doing this?

[opebo]

Will the ever reach #1?

I remember Ford saying China's economy would slow down when the revalue the yuan.

When do the plan on doing this?

After they are #1.

[phk]

Will the ever reach #1?

I remember Ford saying China's economy would slow down when the revalue the yuan.

When do the plan on doing this?

The Yuan was depegged to the dollar last summer. The Malaysians soon followed suit in depegging thier currency (Ringgit) as well.

Though the Chinese have a "managed" float system now..

I believe it is probably pegged to a basket of currencies, which would logically include the Yen, Euro and perhaps the Pound Sterling.

[MaC]

don't criticize me for my lack of kowledge or anything, but it's something like....

1.United States of America
2.Japan
3.Germany
4.China
5-10 don't know..

[Frodo]

don't criticize me for my lack of kowledge or anything, but it's something like....

1.United States of America
2.Japan
3.Germany
4.China

That's what I said (or meant) in my post.

[The Duke]

Will the ever reach #1?

I remember Ford saying China's economy would slow down when the revalue the yuan.

When do the plan on doing this?

The Yuan was depegged to the dollar last summer. The Malaysians soon followed suit in depegging thier currency (Ringgit) as well.

Though the Chinese have a "managed" float system now..

I believe it is probably pegged to a basket of currencies, which would logically include the Yen, Euro and perhaps the Pound Sterling.

I'm pretty sure the new peg is basically the same value.  They should de-peg, but I guess they don't want to.

[phk]

Will the ever reach #1?

I remember Ford saying China's economy would slow down when the revalue the yuan.

When do the plan on doing this?

The Yuan was depegged to the dollar last summer. The Malaysians soon followed suit in depegging thier currency (Ringgit) as well.

Though the Chinese have a "managed" float system now..

I believe it is probably pegged to a basket of currencies, which would logically include the Yen, Euro and perhaps the Pound Sterling.

I'm pretty sure the new peg is basically the same value.  They should de-peg, but I guess they don't want to.

Its appreciated from like 8.28 to the upper 7.00s

[The Duke]

Will the ever reach #1?

I remember Ford saying China's economy would slow down when the revalue the yuan.

When do the plan on doing this?

The Yuan was depegged to the dollar last summer. The Malaysians soon followed suit in depegging thier currency (Ringgit) as well.

Though the Chinese have a "managed" float system now..

I believe it is probably pegged to a basket of currencies, which would logically include the Yen, Euro and perhaps the Pound Sterling.

I'm pretty sure the new peg is basically the same value.  They should de-peg, but I guess they don't want to.

Its appreciated from like 8.28 to the upper 7.00s

A more significant change than I'd remembered.

[phk]

Will the ever reach #1?

I remember Ford saying China's economy would slow down when the revalue the yuan.

When do the plan on doing this?

The Yuan was depegged to the dollar last summer. The Malaysians soon followed suit in depegging thier currency (Ringgit) as well.

Though the Chinese have a "managed" float system now..

I believe it is probably pegged to a basket of currencies, which would logically include the Yen, Euro and perhaps the Pound Sterling.

I'm pretty sure the new peg is basically the same value.  They should de-peg, but I guess they don't want to.

Its appreciated from like 8.28 to the upper 7.00s

A more significant change than I'd remembered.

8.28 to 8.06 today.

Maybe the Yuan wasn't far off from its real value anyhoo.