China revises up '08 economic growth

The Associated Press ,  Beijing   |  Fri, 12/25/2009 11:49 AM  |  Business

China, the world's third largest economy, Friday revised upward its economic growth for 2008 to 9.6 percent after a nationwide census but said the change had little impact on this year's growth rate.

That raised China's gross domestic product to 31.4 trillion yuan ($4.6 trillion), compared with an earlier estimation of 30.1 trillion yuan ($4.4 trillion), the national statistics agency said. The original data reported 9 percent economic growth year-on-year for 2008.

The revised data will be used for this year's estimation of economic growth as a comparison base, but will have little impact on 2009's number, the statistics agency said.

"The main impact by using the new data will seen in the overall GDP total, but not the speed (of growth)," said Peng Zhilong, director of the bureau's audition department.

The release confirmed China as the world's third-biggest economy after the United States and Japan. The country surpassed Germany for the first time last year after the government revised its estimate of 2007 economic growth to an eye-popping 13 percent to 25.7 trillion yuan, or $3.5 trillion by that year's exchange rate.

China is widely believed on track to achieve its goal of 8 percent economic growth this year, helped by the government's 4 trillion yuan ($586 billion) stimulus package.

China's economy expanded 7.7 percent in the first nine months of this year.

A government report this month said full-year growth is forecast at 8.3 percent. The World Bank is forecasting a rate of 8.4 percent.

China routinely revises past economic data as it gathers new information on its fast-changing economy. The latest change was reported after the nation finished its second census. The first one was taken place in 2004.

China's is targeting 8 percent growth next year as the global economy recovers, the country's industry minister said Monday.

Associated Press researcher Bonnie Cao contributed to this report.

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