After three decades of remarkable growth, China finally jumped over Japan as the country with the strongest economy in the world after the United States. With the rise of China, the world has a new superpower in economic terms.
Recognition of China's economy comes after Tokyo announced the Japanese economy is currently worth U.S. $ 1.28 billion, the figure is below China which is worth U.S. $ 1.33 billion. Japanese economy also grew only 0.4 percent in the second quarter, this figure is smaller than expected. The weakness of this growth, ensuring China to pass Japan within this year.
Once ranked second, having previously passed the economies of Germany, France and the UK, many predict that China will pass the world's economic giants, the United States in 2030. U.S. gross domestic product in 2009 amounted to U.S. $ 14 billion.
"This meaning is truly extraordinary," said Nicholas R Lardy, an economist at the Peterson Institute for International Economics. "This has confirmed what has been happening in this decade: China has surpassed Japan's economy, for all who are in the Asian region, China has become the biggest partner than the United States or Japan.
For Japan's stagnant economic growth in the last decade, this is a signal that Japan's political and economic power for four decades began to crumble.
Recognition of China's economy comes after Tokyo announced the Japanese economy is currently worth U.S. $ 1.28 billion, the figure is below China which is worth U.S. $ 1.33 billion. Japanese economy also grew only 0.4 percent in the second quarter, this figure is smaller than expected. The weakness of this growth, ensuring China to pass Japan within this year.
Once ranked second, having previously passed the economies of Germany, France and the UK, many predict that China will pass the world's economic giants, the United States in 2030. U.S. gross domestic product in 2009 amounted to U.S. $ 14 billion.
"This meaning is truly extraordinary," said Nicholas R Lardy, an economist at the Peterson Institute for International Economics. "This has confirmed what has been happening in this decade: China has surpassed Japan's economy, for all who are in the Asian region, China has become the biggest partner than the United States or Japan.
For Japan's stagnant economic growth in the last decade, this is a signal that Japan's political and economic power for four decades began to crumble.
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