China had third-largest economy in 2007

Newly revised Chinese government figures show that China surpassed Germany to become the world’s third largest economy in 2007, the Financial Times reported. The National Bureau of Statistics said that the economy had expanded by 13%, up from the 11.9% growth rate the government had previously stated. Analysts said the new figure would help to enforce the case that China should have a bigger role to play in global financial decisions. Beijing is predicting a growth rate of 8% for 2009, but some analysts do not expect the country’s GDP to reach that figure due to the effects of the global economic crisis. Goldman Sachs forecasted that China’s economy will overtake the US by 2040.