China's economy seen remaining in fourth place behind Germany
China's economy was unlikely to have overtaken Germany as the world's third-largest by the end of 2007 due to currency rate fluctuations.
By Agencies |
BEIJING: China's economy was unlikely to have overtaken Germany as the world's third-largest by the end of 2007 due to currency rate fluctuations.
"In my estimation, I don't believe it happened yet in 2007 due to changes in exchange rates," Xie Fuzhan, head of China's statistics bureau said today.
Xie was responding to a reporter's question after announcing China's economy grew 11.4 per cent to 3.2 trillion dollars over the past year.
China's booming economy is seen as poised to overtake export giant Germany as the world's No 3 economy, behind Japan and the United States.
However, economists have said the recent strengthening of the euro likely boosted the value of Germany's GDP in 2007.
German data for 2007 has not yet been released but German research institute DIW told AFP China was unlikely to have taken the third spot yet.
Germany announced a real GDP of 3.2 trillion dollars for 2006, slightly ahead of China, and was seen retaining its slight lead in 2007 thanks to currency movements, a DIW economist said.
"The problem is exchange rates", the economist said. "The exchange rates distort the reality in favour of Germany."
"In my estimation, I don't believe it happened yet in 2007 due to changes in exchange rates," Xie Fuzhan, head of China's statistics bureau said today.
Xie was responding to a reporter's question after announcing China's economy grew 11.4 per cent to 3.2 trillion dollars over the past year.
China's booming economy is seen as poised to overtake export giant Germany as the world's No 3 economy, behind Japan and the United States.
However, economists have said the recent strengthening of the euro likely boosted the value of Germany's GDP in 2007.
German data for 2007 has not yet been released but German research institute DIW told AFP China was unlikely to have taken the third spot yet.
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Germany announced a real GDP of 3.2 trillion dollars for 2006, slightly ahead of China, and was seen retaining its slight lead in 2007 thanks to currency movements, a DIW economist said.
"The problem is exchange rates", the economist said. "The exchange rates distort the reality in favour of Germany."
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