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NBS: China accounts for 6% of world's GDP by 2007
Latest Updated at 2008-October-28 11:04:59
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China's share of the world's combined gross output rose to 6 percent at the end of 2007, compared with just 1.8 percent in 1978 when its reform and opening-up began, the National Bureau of Statistics (NBS) announced on Monday (Oct 27).

Fast economic growth over the last 30 years had lifted China's GDP ranking in the world from 10th in 1978 to fourth after the United States, Japan and Germany.

It stood at 3.28 trillion USD in 2007, about 23.7 percent of that of the US, 74.9 percent of Japan's and 99.5 percent of Germany's, said an NBS statement on its report on China's development since 1978.

By the World Bank rankings, China was a developing economy falling into the category of lower middle income, with per capita income ranging between 936 and 3,705 USD.

Per capita income jumped to 2,360 USD in 2007 from 190 USD in 1978, the NBS statement said.

According to the bureau, the past 30 years witnessed a significant change in the country's comprehensive national strength and international influence thanks to the reform and opening-up policy.

China's GDP grew at an annual average rate of 9.8 percent from 1979 to 2007, higher than the annual average rate of 6.1 percent from 1953 to 1978.

The economic growth rate in the past three decades was also much higher than the world average, and slightly higher than Japan's 9.2 percent and South Korea's 8.5 percent during their economic takeoff periods.

But China still faced a number of major economic and social problems, as its market system is far from perfect, its growth pattern and structural problems need to be changed for the better, the statement said.

China's rural areas and agriculture remained an urgent problem for the country's coordinated development.

 

Related: China takes 7.7% of world trade volume

China's trade volume had risen to 7.7 percent of the world total in 2007 from just 0.8 percent in 1978, the first year of reform and opening up, the National Bureau of Statistics reported on Monday.

The country was the world's third biggest international trader, after the United States and Germany, compared with 29th in 1978, according to a bureau statement.

Trade volume had risen by an average 17.4 percent annually since 1978 when it stood at 20 billion U.S. dollars to exceed 2.17 trillion U.S. dollars last year, when it accounted for 66.8 percent of the country's gross domestic product (GDP), compared with 9.7 percent in 1978.

The ratio of industrial products exports had jumped to 94.9 percent from 49.7 percent in 1980, and that of primary products exports fell from 50.3 percent to 5.1 percent.

Meanwhile, the actual foreign capital reached 760.2 billion U.S. dollars, with an average increase of 26.2 billion each year.

Overseas investment increased to 18.7 billion U.S. dollars last year.

The report said energy output had grown by an annual average of4.7 percent to hit 2.35 billion tonnes of standard coal equivalent, second only to the United States.

The country's energy supply was adequate for 90 percent of its domestic demand, said the report.

 

Editor: 寮犺幑

By: Source: China View website

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