With the approach of the new year, economic observers are busy
predicting the new ranks for world economies. Responding to recent
assumptions that China will overtake Germany as the world's number
three economy, Zheng Jingping, an official with the National Bureau
of Statistics, expressed a different opinion.
"Given the fact that the Euro has appreciated largely against
the US dollar this year, I think China is unlikely to overtake
Germany as the third biggest economy in the world," said Zheng
Jingping at a financial forum held by the Institute of Finance and
Banking, the Chinese Academy of Social Sciences.
However, overseas observers are optimistic about China's
economic growth. Their confidence in the Chinese economy surged
last month when the National Bureau of Statistics revealed that in
the first three quarters of 2007, China's GDP amounted to 16.6
trillion yuan (US$2.2 trillion), showing an increase of 11.5
percent against the same period last year.
These figures captured global attention. "China's economy heads
to global third place" became the most eye-catching title in the
financial columns of foreign newspapers. Last year, China's GDP
totaled US$2.64 trillion, while Germany's GDP stood at US$2.89
trillion. Most overseas observers believed if China could maintain
a two-digit growth in the first three quarters this year, it would
overtake Germany as the world's third largest economy at the year's
For more details, please read the full story in Chinese (http://www.morningpost.com.cn/article.asp?articleid=137678).
(China.org.cn November 22, 2007)