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 end.
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)