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China Overtakes Germany to Become Third Largest Economy
An upward revision in China’s growth figures allowed it to leapfrog Germany to become the world’s third-largest economy in 2007. Now the Red Dragon is snapping at Japan’s heels in the quest to become No. 2 in the world’s economic pecking order.
“I think it will take only three to four years for China to overtake Japan as the second-largest economy in the world,” Merrill Lynch economist Ting Lu, told the Associated Press. Catching up with the United States could take decades, he added.
In a complicated recalculation, the Chinese government yesterday (Thursday) revised its growth figures for 2007 from 11.9% to…
16Jan2009 | Money Morning | 0 comments | Continued
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