Wednesday, December 21, 2005

China Economy Much Bigger than Thought


From Bloomberg: Size Matters and China Just Got Much Bigger

"China's bean counters came across something extraordinary while going over a few numbers: a statistical error the size of Austria.
Once corrected, China's economy turned out to be $285 billion, or 17 percent, larger than previously estimated. While that doesn't alter the economy's basic structure or make China's 1.3 billion people richer overnight, the discovery is a sign of the profound changes taking place in the world economy."

"Think about it: Within its borders, China has found an economy roughly the size of Austria's or Indonesia's. The difference is equal to the combined annual output of Argentina, Venezuela and Ecuador. Now that's a revision!"

"An economy few central bankers, economists and pundits thought about three years ago just leapfrogged over the U.K., France and Italy to become the world's fourth largest. Not only does that make the Group of Seven nations look less relevant than ever, it also boosts China's global clout overnight."

1 Comments:

At 4:34 PM, Anonymous OHenry said...

At one time communities would seek counsel from the elders on matters of import. More experience usually translated into lessons learned. Having survived my share of crises, I am still around to share a thought or two. The main lesson is to never stop learning. Reading is good as is seeking other points of view and new ideas like visiting your blog. Finding what is ultimately important leads one to appreciate actuality, efficiency and mindfulness. Helping others to see some of the forest through the trees is another. synergy

 

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