China accounts for six percent of world GDP

October 27th, 2008 - 2:58 pm ICT by IANS  

Beijing, Oct 27 (Xinhua) China’s share in the world’s combined gross domestic product (GDP) rose to six percent at the end of 2007, compared with the 1.8 in 1978 when its policies of reform and opening-up began, the National Bureau of Statistics (NBS) said Monday. Fast economic growth over the past 30 years has 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 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 report.

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

Per capita income jumped to $2,360 in 2007 from $190 in 1978, the report 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 issue in the country’s coordinated development.

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