Just saw this interesting editorial from the Los Angeles Times reprinted in our local news paper this morning. Looks like the size of China's economy had been significantly over-estimated:
"The most important story to come out of Washington recently had nothing to do with the endless presidential campaign. And although the media largely ignored it, the story changes the world.
The story's unlikely source was the staid World Bank, which published updated statistics on the economic output of 146 countries. China's economy, said the bank, is smaller than it thought.
About 40% smaller.
China, it turns out, isn't a $10-trillion economy on the brink of catching up with the United States. It is a $6-trillion economy, less than half our size. For the foreseeable future, China will have far less money to spend on its military and will face much deeper social and economic problems at home than experts previously believed."
Last edited by IBWino; 01-04-2008 at 08:15 PM.
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