Happy Holidays And Don't Forget China's $7 Trillion Gdp
Happy holidays to everyone (and the silent readers) on SinoDefence.
We are only a few hours away from the end of 2011. Please remember China's new GDP is $7 trillion for 2011. Ho ho ho!
Reference:
----------
Proof of China's $7 trillion GDP in 2011
In 2010, China's revised GDP was 40.12 trillion yuans. (See
)
On October 15th, a Chinese government economist said the economy will grow by 9.4% for the entirety of 2011. (See
)
Math:
40.12 trillion yuans * 1.094 = 43.89128 trillion yuans (e.g. China's economic size for 2011)
The current exchange rate is 6.33698 yuans per U.S. dollar. (See
)
43.89128 trillion yuans / 6.33698 yuans per U.S. dollar = $6.926 trillion U.S. dollars
Wait, I'm not done yet! In recent years, the Chinese government has always revised its economic growth upwards when the full economic data are gathered.
To illustrate, the original estimate for China's 2010 GDP was 39.5 trillion yuans (see
). The final official figure for 2010 was 40.12 trillion yuans. The difference between the initial and final growth rates was 620 billion yuans.
If we reasonably assume that China's 2011 GDP will eventually be revised upwards by another 620 billion yuans then China's final official 2011 GDP will be:
43.89128 trillion yuans + 620 billion yuans (e.g. likely 2011 upward revision) = 44.51128 trillion yuans
44.51128 trillion yuans / 6.33698 yuans per U.S. dollar =
$6.988 trillion U.S. dollars (which exactly matches the IMF estimate in my earlier reference to Wikipedia)
Add in Macau's GDP and China has a $7 trillion GDP for 2011!
I have independently calculated China's 2011 GDP to be $6.988 trillion U.S. dollars, which is a perfect match for the IMF estimate of China's 2011 economic size.
