Chinese economy to overtake Germany

China's economic growth figures for the first six months of the year are to be announced on Wednesday, with analysts already predicting the country to overtake Germany as the world's third-largest economy by the end of 2007. The National Bureau of Statistics has already revised China's GDP growth for 2006 up to 11.1% from 10.7%. Economists expect the first-half figure for 2007 to be close or equal to the first quarter's 11.1% growth, AFP reported. JPMorgan puts second-quarter growth at 10.6% and believes it will pick up speed as the year progresses. China's economy was valued at US$2.65 trillion in 2006 while the World Bank has said Germany was worth US$2.9 trillion. The sustained high rate of growth means Beijing may have to consider taking stronger action to cool down the economy. So far this year, there have been two interest rate increases, five hikes in bank reserve ratio requirements and new export curbs.