China overtakes Japan as world's second-largest economy
The Guardian / David Teather
16-Aug-2010 (one comment)

China overtook Japan as the world's second-largest economy during the second quarter of this year, marking another milestone in the country's transformation from impoverished communist state to economic superpower.

With its red-hot economy growing at around 9% a year, some experts now expect China to outstrip the United States as soon as 2030, its financial strength carrying broad political implications.

Official data published today showed a faltering Japanese economy growing by just 0.1% in the three months to June, with GDP of $1.28tn (£826bn) eclipsed by China, which had economic output of $1.33tn.Although it is not the first time China has outpaced Japan in a single quarter, most economists now expect the emergent economy to end the year firmly ahead.

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Hoshang Targol

Talk about irony

by Hoshang Targol on Tue Aug 17, 2010 11:40 AM PDT

Communist Party of China is keeping the economy of the capitalist US stable by purchasing US currency, and....

China might be #2 economy at the moment but it has the largest cash reserve in the world:$2.6 trillions. Goldman Sachs had predicted that China will be #1 economy in 2065. Recently it modified it to 2045. 

For an authorative account of how China was steered into such a position read Perry Anderson's " Two Revolutions," in New Left Review. 


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