BEIJING , China ( CNN ) -- China has become the world 's third-largest economy , surpassing Germany and closing rapidly on Japan , according to government and World Bank figures . Commuters drive along a road in downtown Beijing , China , on Thursday . The Chinese government revised its growth figures for 2007 from 11.9 percent to 13 percent this week , bringing its estimated gross domestic product to $ 3.4 trillion -- about 3 percent larger than Germany 's $ 3.3 trillion for the same year , based on World Bank estimates . Beijing is expected to release its 2008 GDP figures next week . Although the world 's top economies , the United States and Japan , are in recession , the most pessimistic estimates for China 's growth in upcoming years runs about 5 percent . That could allow China 's GDP to overtake Japan 's , currently $ 4.3 trillion , within a few years . The U.S. economy , the world 's largest , was about $ 13.8 trillion in 2007 . The World Bank 's estimate of China 's economic growth is about 7.5 percent . But China has seen a sharp decline in exports in November and December as other major economies struggle , and the bank 's analysts say rates below 6 percent could worsen the rest of the world 's slump . Watch how China was able to overtake Germany » . And Michael Santoro , author of the 2008 book `` China 2020 , '' said China will have other problems to overcome if it is to maintain its rapid expansion . `` It 's no longer sufficient for China to become a manufacturer of sneakers or toys and the like , '' Santoro said . `` Now they 're looking to become players in the area of pharmaceuticals and foods and other high value-added products , where safety and quality are important characteristics for improving in the global economy . '' China recently announced a $ 600 billion economic stimulus package , and its State Council on Wednesday laid out a new plan to boost its steel and auto industries -- including about $ 1.5 billion to develop alternative-fuel vehicles . CNN 's John Vause and Judy Kwon contributed to this report .
Japan 's GDP could overtake Japan 's within Wednesday . State Council estimate of China 's economic growth is about 5 percent . China announced about $ 1.5 billion economic stimulus package recently .