Gold9472
01-02-2006, 02:25 PM
China says GDP grew 9.8 per cent in 2005
http://news.monstersandcritics.com/business/article_1072828.php/China_says_GDP_grew_9.8_per_cent_in_2005
Jan 2, 2006, 15:29 GMT
Beijing - China's estimated gross domestic product rose 9.8 per cent last year, 0.4 percent higher than previously estimated, state media on Monday quoted a senior official as saying.
The higher figure resulted from recent changes to China's calculation of GDP, the government's official Xinhua news agency quoted Ou Xinqian, vice minister of the National Development and Reform Commission, as saying.
'The commission's previous estimate for last year's economic growth was 9.4 per cent,' the agency quoted Ou as saying. 'This figure was adjusted according to the newly revised GDP in 2004.'
China last month raised its estimated gross domestic product (GDP) for 2004 by 16.8 per cent, following a survey that aimed to measure the growing service sector and other industries more accurately.
The new estimate was about 2.3 trillion yuan (284 billion dollars) higher than the previous figure, taking China's revised GDP to 1.93 trillion dollars, the National Bureau of Statistics said.
The previously underestimated service sector accounted for 93 per cent of the increase, raising the sector's estimated share of the Chinese economy from 31.9 per cent to 40.7 per cent.
The World Bank said such large changes in GDP were 'not uncommon' in fast-growing economies, citing previous examples in Indonesia, Italy and Norway.
The revised 2004 GDP estimate raised China from seventh to sixth place among the world's largest economies, surpassing Italy but still behind the United States as the world's biggest economy, Japan, Germany, France and Britain.
Some analysts said China could become the fourth-largest economy when official 2005 GDP data are released later this month.
But China remains outside the top 100 economies if GDP is calculated per capita for its 1.3 billion people.
The World Bank had forecast growth of 9.3 per cent for China this year.
http://news.monstersandcritics.com/business/article_1072828.php/China_says_GDP_grew_9.8_per_cent_in_2005
Jan 2, 2006, 15:29 GMT
Beijing - China's estimated gross domestic product rose 9.8 per cent last year, 0.4 percent higher than previously estimated, state media on Monday quoted a senior official as saying.
The higher figure resulted from recent changes to China's calculation of GDP, the government's official Xinhua news agency quoted Ou Xinqian, vice minister of the National Development and Reform Commission, as saying.
'The commission's previous estimate for last year's economic growth was 9.4 per cent,' the agency quoted Ou as saying. 'This figure was adjusted according to the newly revised GDP in 2004.'
China last month raised its estimated gross domestic product (GDP) for 2004 by 16.8 per cent, following a survey that aimed to measure the growing service sector and other industries more accurately.
The new estimate was about 2.3 trillion yuan (284 billion dollars) higher than the previous figure, taking China's revised GDP to 1.93 trillion dollars, the National Bureau of Statistics said.
The previously underestimated service sector accounted for 93 per cent of the increase, raising the sector's estimated share of the Chinese economy from 31.9 per cent to 40.7 per cent.
The World Bank said such large changes in GDP were 'not uncommon' in fast-growing economies, citing previous examples in Indonesia, Italy and Norway.
The revised 2004 GDP estimate raised China from seventh to sixth place among the world's largest economies, surpassing Italy but still behind the United States as the world's biggest economy, Japan, Germany, France and Britain.
Some analysts said China could become the fourth-largest economy when official 2005 GDP data are released later this month.
But China remains outside the top 100 economies if GDP is calculated per capita for its 1.3 billion people.
The World Bank had forecast growth of 9.3 per cent for China this year.