China marches towards world’s No. 2 economy

16 08 2010

China's GDP was smaller than Japan's in 2009 but the IMF expects that wont be the case by the end of this year. But China still trails the United States by a wide margin.


China is on track to overtake Japan as the world’s second-largest economy after the United States, figures released Monday show.
Japan’s gross domestic product, or GDP, totaled $1.29 trillion for the three months ending in June, the nation’s Cabinet Office announced. China’s official figure for the same period was $1.34 trillion.

Economist Frederic Neumann at HSBC in Hong Kong said China is forecast to overtake Japan by the end of the year — making China the world’s No. 2 economy. However, official annual figures won’t come until early 2011.

The International Monetary Fund expects China’s output to reach $5.4 trillion by the end of 2010. By comparison, it estimates Japan’s GDP at $5.3 trillion.

Another analyst says the whole matter is academic.

“Basically, China’s underlying growth rate is going to be about 8 percent over the next decade. Japan’s underlying is going to be about 1 percent,” said Jesper Koll, an economist with JPMorgan in Tokyo. “In 10 year’s time, the Chinese economy will be twice the size of the Japanese economy.”

Continue Reading: http://money.cnn.com/2010/08/16/news/international/japan_china/index.htm

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