2008 belongs to PRC?

THE Wall Street Journal on Tuesday December 18, 2007, make on report that PRC or People Republic of China’s economy shrank by about 40% -at least according to a reworking of glo¬bal economic statistics coordinated by the World Bank. Reported by Bob Davis, TWSJ forwarded information from The World Bank group looked at prices in 146 countries to come up with more-accurate rankings of economic might. It's difficult to compare countries because they have different currencies and because global products are priced differently in different nations.
The World Bank tried to put together a global set of statistics for 2005. When national economic output was converted into dollars at the prevailing exchange rate, the U.S. has 28% of global gross domestic product. A better measure, many economists figure, is to compare the cost of commodities and services in different nations. By that measure, the U.S. share was just 23%
As the report by the "International Comparison Program" explained, if a Big Mac costs $4 in the U.S. and €4.80 in France, then the conversion rate is €1.20 to the U.S. dollar—no matter what the official exchange rate is.
The comparison program collected data on the prices of more than 1,000 goods and services in 100 countries to come up with a "purchasing power parity" figure for converting national currencies into dollars.
The recalculation especially affected China because this is the first time the country has been surveyed in a rigorous fashion for price data. Under the old calculation, China had GDP of $8.8 trillion, about 15% of global GDP of $59 trillion. According to the new calculation, China's economy shrank by 40% to $5.3 trillion, about 10% of global GDP of $55 trillion.
World Bank predicts that Indonesian macro economic make a larger on growth by 6.4 percent becoz consumption and investment up. While Japan’s growth just 1.8 percent, Korea 5.1, Vietnam 8.2, and Thailand 4.6 percent. President PRC Hu Jintao said, "Our economic growth is realized at an excessively high cost of resources
and the environment," and pledged to reverse the trend. Mr. Wu, a longtime worker at the agency, has seen that shift firsthand.. "From 1995 to 2005, in that 10-year period, there were only two projects that SEPA did not approve," Mr. Wu said in an interview in his offices in northern Beijing. The agency handles the en¬vironmental-impact assessments that companies file as part of the approval process for major investments, like steel mills and power plants.
PRC prepared all including environmental controls. PRC’s environmental controls, long criticized as weak and ineffective, are starting to have real economic bite. This year, officials have rejected billions of dollars worth of new facto¬ries and other investment projects for failing to meet standards. For local firms accustomed to ignoring standards, this could change the financial calculus.
"Our supervision is getting tougher, and environmental requirements are being raised," said Wu Bo, a director at the State Environmental Protection Administration who is in charge of reviewing the environmental impact of new factories and infrastructure projects.

aan (alumni SMP Negeri 1 Karanganyar, Kabupaten Karanganyar, Jawa Tengah)