China raises estimate of 2013 economic output, possibly moving closer to overtaking US

Economic Indicators Associated Press

China has raised its estimate of last year's gross domestic product, possibly moving closer to passing the United States as the biggest economy.

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The government said Tuesday official economic output will be raised by 3 percent. Based on previously reported data, that would make 2013's economic output about $9.6 trillion or just under two-thirds of U.S. output of $16.8 trillion.

China's growth fell to a five-year low of 7.3 percent in the latest quarter. Analysts expect the ruling Communist Party to cut next year's growth target to 7 percent. But that still is more than double the 3 percent forecast by the International Monetary Fund for the U.S.

China is forecast to become the biggest economy as early as 2020, though its income per person would be much lower.