China To Become Third Largest Economy Worldwide Likely Due To Preparation For 2008 Beijing Olympic Games

CN (CHINA)--On 20 July 2007, China Knowledge reported the National Bureau of Statistics (NBS) revealed that China is on track to overtake Germany and become the third largest economy worldwide. The highest figure in 12 years, China's first and second quarter revenue were up 11.1% and 11.9% respectively. The Country's GDP in the first half of the year of 2007 was USD1,412 billion. According to China Daily, the secondary sector, including manufacturing, mining and construction, grew at the fastest year-on-year rate of 13.6%, while the primary sector reported a growth rate of 4.0% and the tertiary sector, including transport, telecommunications, catering, tourism, banking and insurance, posted a rise of 10.6%. NBS spokesman, Li Xiaochao stated this economic boom that China has experienced can be attributed to mounting foreign investments, import and export industry and rising domestic consumption, but mainly due to the 2008 Beijing Olympic Games.

http://www.chinaknowledge.com/news/news-detail.aspx?id=9311