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CHINA HAS OVERTAKEN JAPAN AS WORLD'S NO 2 ECONOMY
 

CHINA has overtaken Japan as the world's second-biggest-economy and could push the USA from the top spot within 10 years, it was revealed yesterday (February 15,2011).

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The march of the Chinese in terms of industrial output and growth has stunned experts with its sheer speed and efficiency.


Figures released in Tokyo showed that Japan's economy was worth $5.44trillion at the end of 2010, while China's economy was nearer $5.79trillion in the same period.


This brings to an end Japan's 42-year reign in second spot.


At its current rate of growth, analysts now predict that China will replace the US at No 1 some time between 2020 and 2030.


China is already the world's top car market and energy consumer. And Tom Miller of GK Dragonomics, an economic consultancy based in Beijing, explained: "It's realistic to say that within 10 years China will be roughly the same size as the US economy."


The country, which has transformed itself from impoverished communist state to industrial superpower, overtook Germany to become the world's third largest economy four years ago.


The United Kingdom has the world's sixth largest economy, below France at No 5.


The shift of economic power in the Far East has been marked.


Japan has struggled to recover from the "lost decade" of the 1990s when a property market and asset crash turned the economy on its head.


But in terms of personal wealth the average Japanese is still far richer than the average Chinese.