China has become the world third largest economy, overtaking Germany and close quickly in Japan, according to government and World Bank figures.
The Chinese government revised its growth figures for 2007 from 11.9 percent to 13 percent this week, bringing its gross domestic product estimated $ 3.4 trillion - about 3 percent larger than Germany, $ 3.3 billion for the same year, according to World Bank estimates. Beijing is expected to release 2008 GDP figures next week.
Although the world's top economies, the United States and Japan are in recession, the most pessimistic estimates for the growth of China in the coming years is about 5 percent. That could allow China's GDP will exceed that of Japan, currently $ 4.3 billion, in a few years.
The U.S. economy, the world's largest, was $ 13.8 billion in 2007.
The World Bank estimates of economic growth in China is about 7.5 percent. However, China has seen a sharp fall in exports in November and December as other major economies struggle, and analysts say bank rates below 6 percent could worsen the world of depression.
And Michael Santoro, author of the 2008 book "China 2020", said China will have to overcome other problems if it is to maintain its rapid expansion.
"It is not enough for China to become a manufacturer of sport shoes and toys and things like that," said Santoro. "Now that is looking to become players in the field of pharmaceuticals and food and other products with high added value, where security and quality are important features for improvement in the global economy."
China recently announced a $ 600 billion economic stimulus package, and the State Council on Wednesday set a new plan to boost its auto and steel industries - including about $ 1.5 million to develop vehicles alternative fuel.