China's Economy Passes Japan's in Quarter, Becoming the World's Second Largest
After three decades of spectacular growth, China has passed
Japan to become the world's second-largest economy behind the
United States, according to government figures released early
Monday.
The milestone, though anticipated for some time, is the most
striking evidence yet that China's ascendance is for real and
that the rest of the world will have to reckon with a new
economic superpower.
The milestone was reached early Monday, when Tokyo said that
in the second quarter, the Japanese economy was valued at
about $1.28 trillion, slightly below China's figure of $1.33
trillion. The gross domestic product of the United States was
roughly $14 trillion in 2009. Japan's economy grew 0.4
percent in the second quarter, Tokyo said, substantially less
than forecast.
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