China's Economy, Larger Than Thought, May Reach No. 4

China's Economy, Larger Than Thought, May Reach No. 4

Dec. 20 (Bloomberg) -- China's economy finally achieved its Great Leap Forward -- overnight.

The economy is 17 percent larger and growing faster than previous estimates, according to a year-long census released in Beijing today that revealed millions of previously unaccounted- for businesses. The findings may vault China three places on the list of the world's largest economies, to No. 4, ahead of the U.K.

The census, which added the equivalent of Austria's annual output to the world's fastest-growing major economy, underscores China's growing clout in global debates. It may also heighten U.S. and European efforts to convince China to let its currency appreciate, said Jim Walker, chief economist at CLSA Emerging Markets in Hong Kong.

``The fact that China will come out of this as presumably a much richer country will certainly invoke more political pressure'' to let the currency gain, Walker said.

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