In January, China’s National Statistic Bureau released a report revising its GDP growth for the past several years upward significantly.
The NSB reviseed upward GDP growht estimates for every year from 1993 to 2004 except for 1998. Based on the new figures, China’s economy grew an average of 9.9 percent annually from 1993-2004.
And these new figures may still understimate the growth of China’s GDP since it is so difficult to accurately measure much of China’s economic activity which occurs in cash transactions.
Despite all this growth, China has maintained a very low inflation rate.
After decades of mismanagement under Communist management, China’s economy today is the sixth largest in the world. Despite the huge population it has, however, its economy is still only about half the size of the United States.
China lifts annual growth figures. BBC, January 9, 2006.