China on Tuesday reported that its economy is much bigger when its share of the growing services sector is estimated more accurately. As a result, China replaced Italy as the world’s sixth-largest economy. It’s No. 4 – behind only the United States, Japan and Germany – if Hong Kong’s figures are added.
In barely three decades, China has thrown up endless high-rises, shopping malls and highways. It’s sending astronauts into space, building a powerful military and filling store shelves worldwide with low-priced manufactured goods. Starting in 2007, Chinese-made cars may hit U.S. showrooms.
The Chinese feel great optimism, even as other nations temper their admiration of the rising dragon with some measure of fear.
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