New Data Show China Grew Even Faster In 2003, 2004

Jan. 9, 2006
China announced, on Jan. 9, a further revision of economic data following a major upgrade last month, with the new figures showing the booming country grew even faster than first thought in 2003 and 2004.  After last month's statement that the size of ...

China announced, on Jan. 9, a further revision of economic data following a major upgrade last month, with the new figures showing the booming country grew even faster than first thought in 2003 and 2004. After last month's statement that the size of China's economy had been underestimated by 17% or $284 billion in 2004, the National Bureau of Statistics revised up gross domestic product (GDP) growth in 2004 from 9.5 % to 10.1%. Growth in 2003 was also revised to 10%, up from 9.5%.

Between 1993 and 2004, China's economy expanded at an average rate of 9.9%, up from the 9.4% given in previously reported figures.

Last month, the government said that after a new survey, China's economy was worth nearly 16 trillion yuan (US$1.98 trillion) in 2004. That revision was largely due to earlier miscalculations in the size of the service and private sectors, which had traditionally been seen as "grey areas" in China's statistics gathering methods.

Those new official numbers lifted China past Italy to become the world's sixth largest economy, with the 2005 figures due out this month tipped to catapult the Asian giant to fourth on the list.

With the 2005 economic data due out soon, China is likely to officially overtake France and Britain to become the world's fourth largest economy behind the U.S., Japan and Germany. France posted GDP of $2.0 trillion in 2004, while Britain's economy was worth $2.14 trillion, according to World Bank figures.

Economists predict China's economy will have grown between 8% and 9% in 2005, much faster most developed countries such as France or Great Britain.

Copyright Agence France-Presse, 2006

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!