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.
