China accounts for 6 pct of world's GDP by 2007: NBS
27/10/2008 16:17
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
today.
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 US dollars 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
US$3,705.
Per capita income jumped to US$2,360 in 2007 from US$190 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.
Xinhua
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