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China overtakes Germany in terms of GDP

(China Daily/Agencies)
Updated: 2009-01-15 10:42

China surpassed Germany to become the world's third largest economy after it raised its economic growth estimate for 2007 Wednesday.

The revised growth estimate for 2007 - from 11.9 percent to 13 percent, the fastest rate since 1994 - raised the country's GDP to 25.7 trillion yuan, ($3.5 trillion) at 2007 exchange rates, the National Bureau of Statistics said. 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.

"Today's numbers definitely raise the weight of China in the world economy," said Merrill Lynch economist Ting Lu. He said his calculations had already showed China passed Germany in 2007. "I think it will take only three to four years for China to overtake Japan as the second-largest economy. The US is by far still the largest economy.