January 16, 2009

China Revises End of 2007 GDP Upward

The Chinese economy expanded a revised 13% in 2007 from a year earlier, up from an original estimate of 11.9%, the National Bureau of Statistics said in a statement on its Web site. Therefore, China economy at the end of 2007 was 25.731 trillion yuan ($3.766 trillion) as compared to Germany's GDP was $3.54 trillion in 2007, using end-of-year exchange rates. China was the third largest economy at the end of 2007. The Euro went higher in early 2008 but then came back down.

The U.S. ranked as the world's largest economy in 2007 with a GDP of $13.808 trillion followed by Japan at $4.38 trillion.

Uwe Parpart, chief Asian strategist with Cantor Fitzgerald in Hong Kong, said December's money supply and lending growth data released Tuesday suggested China's economy was unlikely to cool as much as consensus expectations suggested.
"My contrarian view ...is that China will grow by 8%.," wrote Parpart in a note Wednesday. "That view received strong support from today's [Tuesday's] releases of December export, money supply, and reserve accumulation figures, all surprising well to the upside."






Year GDP(yuan) GDP growth USD/CNY China GDP China+HK/Ma US GDP
2007 25.77 13 7.3 3.77 3.97 13.8 Past Germany
2008 28.12 9.3 6.85 4.11 4.31 14.3
2009 30.37 8 6.7 4.53 4.73 14.3
2010 33 9 6.2 5.3 5.5 14.8
2011 36 9 5.6 6.4 6.6 15.3 Past Japan
2012 39 9 5.1 7.7 7.9 15.9
2013 43 9 4.7 9.2 9.4 16.4
2014 47 9 4.2 11.0 11.2 17.0
2015 51 9 3.8 13.2 13.4 17.6
2016 56 9 3.5 15.9 16.1 18.2
2017 60 8 3.2 18.8 19.0 18.8 Past USA
2018 65 8 3 21.6 21.8 19.5
2019 70 8 3 23.3 23.5 20.2
2020 76 8 3 25.2 25.5 20.9
2021 82 8 3 27.2 27.5 21.6
2022 88 8 3 29.4 29.7 22.4
2023 95 8 3 31.7 32.0 23.1
2024 103 8 3 34.3 34.6 24.0
2025 111 8 3 37.0 37.3 24.8
2026 119 7 3 39.6 39.8 25.7
2027 127 7 3 42.4 42.6 26.6
2028 136 7 3 45.3 45.5 27.5
2029 145 7 3 48.5 48.7 28.5
2030 156 7 3 51.9 52.1 29.4


FURTHER READING
China passes Germany to become 3rd largest economy

Previous post start of credit crisis assessment

Comparison of historic GDP numbers between China and the USA

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