China, world's 6th largest economy

China on Tuesday sharply raised the official size of its economy, saying its output last year was 16.8 per cent higher, at 15.987 trillion yuan ($1.981 trillion).

As per the new figure China is the world's 6th largest economy, behind United States, Japan, Germany, France and the United Kingdom. And if Hong Kong, who reports its economic figures separately, is added then China would be the fourth largest economy in the world.

This is seen to have far-reaching effects on China's economic and policymaking as Beijing tries to create new jobs for the unemployed.

China's trading partners complain that the country's government-controlled exchange rate is too low, and it gives Chinese exporters an unfair price advantage.