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."