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Thread: China Overtakes Japan in GDP

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[quote=GUESTJOE,404481]China overtakes Japan as the world's second-largest economy this year, but per-capita GDP remains low in a developing economy.

Following article is from China Daily, August 17:
Japan's GDP grew at an annualized rate of just 0.4 percent, the government said, far below the annualized 4.4 percent expansion in the first quarter and adding to evidence the global recovery is facing strong head wind. 
China has surpassed Japan in quarterly GDP figures before, but this time it is unlikely to relinquish the lead, AP reported.
China's economy will almost certainly be bigger than Japan's at the end of 2010 because of the huge difference in each country's growth rates. China is growing at about 10 percent a year, while Japan's economy is forecast to grow between 2 to 3 percent this year. 
The gap between the size of the two economies at the end of last year was already narrow. Chinese economists estimated China's leading advantage would maintain through the rest of 2010, reinforced by its usually more vibrant economy in the fourth quarter and possible yuan appreciation.
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