China Surpasses Japan as World's 2nd Biggest Economy
China Surpasses Japan as World's 2nd Biggest
Economy
China has reportedly passed Japan as the world's second-largest economy, a ranking Japan hash held since 1968. Data released Thursday shows China had double-digit economic growth in 2010, boosting it to the lofty position behind the United States.
The report showed China's gross domestic product came to 39.79 trillion yuan for the whole of 2010. Tokyo is scheduled to release its 2010 growth data on February 14th. Economists say that China actually overtook Japan in terms of nominal gross product during the April-June quarter, but the data had not yet been confirmed on full-year figures.
Some economists caution that GDP figures can be misleading when comparing the economies of two countries because the prices of some services and goods can be abnormally low in developing nations. Per capita GDP in China was just $4,412, as compared with a per capita GDP of $42,431 in Japan.
China has reportedly passed Japan as the world's second-largest economy, a ranking Japan hash held since 1968. Data released Thursday shows China had double-digit economic growth in 2010, boosting it to the lofty position behind the United States.
The report showed China's gross domestic product came to 39.79 trillion yuan for the whole of 2010. Tokyo is scheduled to release its 2010 growth data on February 14th. Economists say that China actually overtook Japan in terms of nominal gross product during the April-June quarter, but the data had not yet been confirmed on full-year figures.
Some economists caution that GDP figures can be misleading when comparing the economies of two countries because the prices of some services and goods can be abnormally low in developing nations. Per capita GDP in China was just $4,412, as compared with a per capita GDP of $42,431 in Japan.
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