The World Bank issued preliminary figures Monday that recalculated what would be the economic output of 146 countries - including China - after excluding differences in domestic prices and currencies.
The so-called purchasing power parity calculations, which compare the buying power of citizens around the world, showed that China's output was 40 percent smaller than previous World Bank estimates.
The World Bank had previously calculated China's output was worth $8.8 billion in 2005 at purchasing power parity. It was revised this week to $5.3 billion.
China's economic output in 2005 was worth $2.24 trillion at market exchange rates, the calculation most commonly used and the best indicator of a country's output of internationally traded products, from oil to steel to computers. Purchasing power parity figures are often a better indicator of living standards, however.www.iht.com