Monday, October 15, 2007

China's Economy is the 4th largest in the World

China is the second-largest contributor to the World economy after the US, according to the National Bureau of Statistics (NBS) calculation based on World Bank statistics. The US contributed to 29.8 percent of world growth and China contributed 13.8 percent in the same period.

Its gross domestic product (GDP) grew by an average of 10.4 percent during the 2003-06 period, much higher than the world average of 4.9 percent.

In 2006, China was the fourth-largest economy in terms of GDP, up from the sixth in 2002.
In 2002, China's GDP accounted for 13.9 percent of that of US; four years later, the ratio rose to 20 percent. The booming Chinese economy has brought substantial benefits to people's lives. China's per capita gross national income broke the $1,000 line in 2002 and reached $2,010 in 2006.

In 2006, urban residents' per capita disposable income rose 52.7 percent over 2002. Farmers' per capita net income increased by 27.1 percent during that period.

China has even created 108 billionaires over a very short span of time and the continuing growth in China will eventually top them on the World economy. China should surpass Germany as the 3rd largest economy before the end of 2007 according to some analysts.

The output of major industrial and agricultural products has risen as a result of China's strong economic growth making China the largest producer of :

  1. Coal
  2. Cement
  3. Chemical
  4. Fertilizer
  5. Steel
  6. Electricity
  7. Textiles
  8. Oil
  9. Agricultural products such as cereal, meat, cotton, peanuts and fruits
  10. Tea

From 2003 to 2005, China attracted an inflow of $186.5 billion worth of foreign direct investment (FDI), the largest among developing countries.


I am a lover of children's literature said...

Actually, if you think about it, it is no longer the U.S. that is the world's economic engine. That has passed to the European Union which is fast becoming the new United States of Europe. Greater economically, politically, militarily, etc. than anything that the world has seen.

Give it five years or so and the European Union will be a political union in every sense of the word. It will be the European Union, or the United States of Europe, not the American, Chinese, Japanese or anyone else calling the shots. No, the next great superpower will be the Europeans!

Count on it!

Alvin Foo said...

I certainly have no doubt that European is a super economy. They dont need to wait as they are already a super power. My point on my article is to give a glimpse to my readers how fast the chinese economy is growing and how much further they can continue to grow.