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December 21, 2005


Jeff C

Check it out, China just got bigger overnight:

Size Matters and China Just Got Much Bigger: William Pesek Jr.
Dec. 21 (Bloomberg) -- China's bean counters came across something extraordinary while going over a few numbers: a statistical error the size of Austria.

Once corrected, China's economy turned out to be $285 billion, or 17 percent, larger than previously estimated. While that doesn't alter the economy's basic structure or make China's 1.3 billion people richer overnight, the discovery is a sign of the profound changes taking place in the world economy.

In a single stroke China now appears a whole lot wealthier -- something its trading partners aren't likely to miss. That probably increases the odds that tensions between China and the U.S., Japan and the European Union will rise in 2006.

Think about it: Within its borders, China has found an economy roughly the size of Austria's or Indonesia's. The difference is equal to the combined annual output of Argentina, Venezuela and Ecuador. Now that's a revision!

Can't wait for the USA to get into a wat with China over oil.

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