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China revises 2008 GDP on higher growth rate
By Zhang Zhengfu |
December 28, 2009, Monday
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Print Edition
Print Edition
CHINA revised its 2008 gross domestic product to US$4.52 trillion at the average exchange rate of 2008, narrowing the gap with Japan, the world's second-largest economy with a GDP of US$4.9 trillion for the same year.
The revision was resulted from China's second economic census which raised the country's 2008 economic growth rate to 9.6 percent from 9 percent.
Given an estimate of more than 8 percent growth rate for China in 2009, accompanied by Japan's shrinking economy amid the global economic downturn, the country, currently the world's third-largest economy, was poised to overtake Japan as the second-largest.
"It is only a matter of time before China's total economic volume surpasses that of Japan given China's robust growth," said Xu Lianzhong, a researcher with the National Development and Reform Commission.
However, Xu said the new figures coupled with the prospect of catching up with Japan in terms of total economic volume next year should serve as no cause for self-complacency.
"It is not so important to compare the total GDP with that of Japan or other developed nations," said Zuo Xiaolei, chief economist at Galaxy Securities.
"What matters more is the per capita figure, and in the case of China, the total figure has to be divided by 1.3 billion," said Xu.
In 2008, China's per capita GDP stood at US$3,200, less than a third of the world's average or a tenth of Japan's per capita GDP of US$38,000, according to the World Bank's estimates.
Eclipsing Japan in total economic volume wouldn't change the fact China is still a developing country, not least because China lagged far behind the developed nations in many areas, said Zuo.
"There are still wide gaps between China and the developed countries in per capita GDP, the quality of economic development, and science and technological levels," said Xu.
The revision was resulted from China's second economic census which raised the country's 2008 economic growth rate to 9.6 percent from 9 percent.
Given an estimate of more than 8 percent growth rate for China in 2009, accompanied by Japan's shrinking economy amid the global economic downturn, the country, currently the world's third-largest economy, was poised to overtake Japan as the second-largest.
"It is only a matter of time before China's total economic volume surpasses that of Japan given China's robust growth," said Xu Lianzhong, a researcher with the National Development and Reform Commission.
However, Xu said the new figures coupled with the prospect of catching up with Japan in terms of total economic volume next year should serve as no cause for self-complacency.
"It is not so important to compare the total GDP with that of Japan or other developed nations," said Zuo Xiaolei, chief economist at Galaxy Securities.
"What matters more is the per capita figure, and in the case of China, the total figure has to be divided by 1.3 billion," said Xu.
In 2008, China's per capita GDP stood at US$3,200, less than a third of the world's average or a tenth of Japan's per capita GDP of US$38,000, according to the World Bank's estimates.
Eclipsing Japan in total economic volume wouldn't change the fact China is still a developing country, not least because China lagged far behind the developed nations in many areas, said Zuo.
"There are still wide gaps between China and the developed countries in per capita GDP, the quality of economic development, and science and technological levels," said Xu.
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