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China has sharply increased the official size of its economy, by revising upwards its gross domestic product for 2004. China's National Bureau of Statistics said Tuesday the country's economic output last year was one-point-98-trillion dollars -- a 16-point-eight-percent increase over the original estimate.
Chinese officials say the revised figures mean China replaced Italy as the world's sixth-largest economy in 2004. The Bureau says the new data showed the services sector was much larger than previously thought. Service industries accounted for 93 percent of the revision. The government says it will use the findings to revise economic figures going back to 1993.
Analysts believe China has already grown to become the world's fourth largest economy, after taking into account its rapid expansion this year. |