China passes Germany as 3th largest economy

Image by Getty Images via DaylifeGlobal crisis or not, or maybe because of the global crisis, China has passed Germany as the third largest economy, notes Time Online. An upward revision for China's GDP in 2007 from 11.4 percent to 13 percent caused the difference, even though China targets for 2009 an 8 percent growth, although that might not be achieved. Time Online:

The Chinese economy has been snapping at Germany’s heels since it overtook Britain in 2005 to become the world’s fourth-largest. Now, through a complicated process of calculation, the GDP revision has propelled China into third place – even though tens of millions of its 1.3 billion people still live in poverty.

China's figures for 2008 are expected next week.