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China's GDP Approaches USA's China's gross domestic product (GDP) is expected to exceed 9.5 trillion RMB (approaching the US' more than $10 trillion GDP) this year, according to a recent China Daily report. The Chinese economy is forecasted to grow 7.4 percent in 2002. Approximately 97 percent of this growth is attributed to fixed asset investment and domestic consumption. Foreign trade's role will decline, according to government reports, due to the global financial downswing. At the end of October, Chinese citizens deposited approximately 7.2 trillion RMB (US$870 billion) into banks. This represents an increase of 750 billion RMB (US$90 billion) over the same period last year. With China's recent admission into the World Trade Organization, the country's economy is expected to continue to grow in strength. By 2034, if current growth rates continue, China's economy will match the US economy in size.
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