China is Now Second Largest Contributor to World Economy

19 November 2008

BEIJING: China is now the second biggest contributor to the global economy, responsible for 14.5% of worldwide GDP growth in 2006, behind only the United States which accounted for 22.8%.

The Asian tiger's National Bureau of Statistics reports that as of 2006 China's overall contribution to global growth was 1.4% greater than that of the Eurozone, and 6.7% more than Japan.

In all, the NBS estimates that the Chinese economy accounted for 0.55% of total global growth in 2006, based on an estimated worldwide improvement of just under 4% year-on-year.

From 1979 to 2007, the Chinese economy grew by an average of 9.8%, a total that was some 6.8% higher than the global average.

By contrast, in 1978 – before the inception of its economic liberalisation programme – it added 0.1% to global growth, while the US economy was responsible for 1.64%, around a third of the total improvement.

Data sourced from People's Daily; additional content by WARC staff