China overtakes Japan as World's second biggest economy.It has been reported,the figures out of Tokyo have shown.At the end of 2010 Japan's economy was worth $5.474 trillion (£3.42 trillion.While China's economy was closer to $5.8 trillion in the same period. This far United States of America remains the only super power with the GDP of $14.26 Trillion US dollars at current prices in 2009
(Source: World Bank, World Development Indicators)
In recent years China has enjoyed a manufacturing boom, while Japan has been hit by a drop in exports and consumer demand.China has previousily been among the four highly developed economies commonly known as THE FOUR ASIAN TIGERS/ASIAN DRAGONS comprising Hong Kong, Singapore, South Korea and Taiwan.
China has benefited from low labour costs and strong demand for its products in Western markets.According to the Wall Street Journal China's boom has largely been contributed by the popultaion of 1.3 Billion according to the 2009 census (World Bank.However the country is still poor when measured in terms of per capita income compared to Japan and other countries like US,Canada,Britain,Germany and Italy
Read more:http://www.bbc.co.uk/news/business-12427321 AND http://online.wsj.com/article/SB10001424052748704329104576137942428511666.html
