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December 21, 2005
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Overnight riches
As reported previously, China's GDP was revised up by almost 17% yesterday. This was thanks to a large revision in the contribution by the services sector. But some economists still consider the figures understated, perhaps by as much again as this revision. From the SCMP: The long-underestimated service sector now has a GDP ratio of 41 per cent after the revision, up from 35 per cent. But Mr Tao said this ratio of the booming service sector was still too low, and up to 220 billion yuan was probably underreported.Some other implications: 1. China is now the world's sixth largest economy, behind the USA, Japan, Germany, Britain and France. Here's a translation of the National Bureau of Statistics statement on the economic census. David Altig notes the contrast with Japan. posted by Simon on 12.21.05 at 09:00 AM in the China economy category.
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