China’s Roaring Economy Set to Overtake Germany – Yahoo.com
China’s economy grew so rapidly in the first half of 2007 that it is likely to overtake Germany as the world’s third-largest by the end of this year, analysts say.
The release Wednesday of January to June figures for Asia’s second biggest economy will provide fresh evidence that Beijing’s economic braking measures have had little effect. China’s sizzling economy expanded even faster than originally thought last year, with the government revising 2006 growth domestic product (GDP) to 11.1 percent from 10.7 percent. Data released by China’s statistics bureau last week showed the economy was worth 21.09 trillion yuan in 2006, about 2.65 trillion dollars based on last year’s average exchange rate of 7.97 yuan to the dollar. [Full Text]