IMF: China's GDP ranks No.7
(People's Daily)
Updated: 2004-05-19 16:32

The latest data released by International Monetary Fund (IMF) show China's GDP rank dropped from No.6 to No.7 whilst GDP per capita jumped one place from No.111 to No. 110.

IMF measured with Atlas Methodology the GDPs and per capita GDPs of 179 countries and regions in 2003. The conclusion is that in 2003 the top ten GDPs were those of the United States, Japan, Germany, Britain, France, Italy, China, Canada, Spain and Mexico. China's Hong Kong had a GDP ranking No.31 worldwide dropping three places. China's Taiwan ranked No.20 dropping three places.

In 2003 in spite of the SARS epidemic and the infliction of natural disaster the Chinese economy still kept a rapid growth. In that year China's GDP was US$1409.9 billion, which has been one of the fastest increases since 1997. It accounted for 3.9 percent of total world GDP and increased 0.1 percentages over the previous year. Dropping one place over the previous year it took the No.7 place worldwide.

It was learned that the reason China's GDP dropped place in 2003 was primarily due to the appreciation of Euro against Dollar and RMB's comparative stable exchange rate to Dollar.

The statistics also show that in 2003 China's per capita GDP was US$1,087 ranking No. 110 worldwide. It jumped one place but was still among the mid/low-ranking countries. Though still small compared with those of developed countries China's per capita GDP for the first time exceeded the US$1,000 pass.

The countries whose GDP ranked among the top ten were Luxemburg, Norway, Switzerland, Denmark, Ireland, the United States, Iceland, Japan, Sweden and Qatar.