On December 20, 2005, David Rocks contributed the story for Business
Week on the recently released statistics on China's economy.
Read the article in
http://www.businessweek.com/bwdaily/dnflash/dec2005/nf20051220_9156_db039.htm
An outline of the article:
* On Dec. 20, the new numbers were released, showing a big jump
in gross domestic product for $1.93 trillion, 16.8% bigger than
previously believed, though the increase was more modest
than some economists had expected.
* This put China the world's 6th biggest national economy, up from
No. 7 before the revision (jumping over Italy).
* China appears set to overtake both France and Britain in 2006.
* The survey revealed more accurately the size of the private sector
-- especially services. A big problem was underre****ting, to avoid
taxes, among business owners.
* The Mainland is also in much better health economically than had
been believed. Services accounted for 93% of the increase in GDP,
so the improved data show that the services sector represents nearly
41% of China's output, up from 32% last year using the old data.
And per-capita GDP was increased to $1,490 from $1,276.
* China's banking sector also looks better. Nonperforming loans fell to
10.7% of GDP from 12.5%, according to brokerage Nomura
International.
* China's ratio of external debt to GDP falls to about 11.8% in 2005,
from 13.8% at the end of last year.
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