Stop the presses!

Even better, rewind them. It turns out China did a fair bit better in 2007 than everyone had given it credit for. Government figures revised for a second time now show that China’s economy grew a full 13% in 2007, not the shabby 11.9% previously announced. That means China’s economy surpassed Germany’s to become the world’s third-largest economy in 2007. Lost in the excitement over the new numbers is any comparison with the current state of the economy: If Beijing’s 8% target for 2009 is right (and, as we’ve mentioned, some have their doubts), growth will have slowed by five percentage points in two years. It’s not just the economy itself you have to worry about, either. SFDA Commissioner Shao Mingli says that food scares à la melamine are more likely in tough economic times as suppliers cut costs. Good to know. Still, not everything is looking bad: The auto industry got a boost when the State Council unveiled a plan aimed at boosting new car sales. It will lower taxes on small cars and provide cash incentives for drivers dropping gas-guzzlers in favor of more efficient models. If you’re really attached to your Hummer, though, you too will benefit from a reduction in fuel prices.