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China Revises 2007 GDP Growth Upward to 11.9%

The National Bureau of Statistics (NBS) on Thursday released an upward revision of 2007 gross domestic product (GDP) that showed growth of 11.9 percent, or 0.5 point more than the initial estimate.

A statement from the agency said that last year's GDP was 291.1billion yuan (about US$41.63 billion) larger than originally estimated, which meant that GDP was 24.953 trillion yuan last year.

The revision followed the routine preliminary verification of the available statistical data, it said.

This is the second step in the agency's annual GDP reporting process. Under regulations issued in 2003, there are three stages: preliminary accounting, preliminary verification and finalization.

The NBS also released its final figures for 2006 GDP, based on annual statistical reports and financial statements. The agency put the figure at 21.1923 trillion yuan, up 105.2 billion yuan. That would equate to a GDP rise of 11.6 percent from 2005, or 0.5 point more than earlier figures.

(Xinhua News Agency April 11, 2008)

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