China becomes world’s second-largest economy
China becomes world’s second-largest economy
http://www.financialpost.com/China+becomes+world+second+largest+economy/3403745/story.html
Bloomberg News · Monday, Aug. 16, 2010
China surpassed Japan as the world’s second-largest economy last quarter, capping the nation’s three-decade rise from Communist isolation to emerging superpower.
Japan’s nominal gross domestic product for the second quarter totaled US$1.288-trillion, less than China’s US$1.337-trillion, the Japanese Cabinet Office said today. Japan remained bigger in the first half of 2010, the government agency said.
China led the world out of last year’s global recession with an economy that’s more than 90-times bigger than when leader Deng Xiaoping ditched hard-line Communist policies in favor of free-market reforms in 1978. The country of 1.3 billion people will overtake the U.S., where annual GDP is about US$14-trillion, as the world’s largest economy by 2027, according to Goldman Sachs Group Inc. chief economist Jim O’Neill.
China’s surpassing of Japan “is a marker of its increasingly dominant role in the global economy,” said Eswar Prasad, a senior fellow at the Brookings Institution and former head of the China division at the International Monetary Fund. “The resilience of China’s growth during the crisis enabled a number of other countries, particularly commodity-exporting economies, to ride on its coattails.”…
One comment
sithuphyo
September 12, 2010 at 10:06 am
Yeah!. China becomes the world’s second largest economy. Because of China uses MLM (Multi Level Marketing) system. So, they have large economy and products.Their products are now all over the world !.