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China now 4th largest economy, says WB
(China Daily)
Updated: 2006-07-04 08:12
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He noted that in areas such as technological prowess, management expertise, industrialization and urbanization, China is still playing catch up with other developed countries.
Li Yongsen, an economist with the Renmin University of China, said that in per capita term, China is still years away from Britain and other developed countries.
"We should pay more attention to economic growth quality, making sure that this breakneck growth does not come at the expense of energy and the environment," he said.
China said on December 20, 2005 that its economy was far bigger than previously estimated.
It revised its economic data after a year-long nationwide economic census uncovered about US$280 billion in hidden economic output in 2004. The amount is roughly equivalent to an economy the size of Turkey or Indonesia, or 40 per cent of India's economy.
That means that China's gross domestic product in 2004 was nearly US$2 trillion, not the US$1.65 trillion previously reported. With its GDP up 17 per cent, China was the sixth-largest economy in the world last year.
The new figures provide good news for China, economists say, suggesting that the country's economy is healthier, more diversified and more capable of sustaining growth than previously believed.