China became the world’s second largest economy in 2009, passing Japan, which has held this distinction for decades.
The People’s Republic raised its growth forecast for 2008 to 9.6% from 9% which took the total to over $4.6 trillion. The Chinese government says it will have economic growth of 8%. The financial ministry has suggest that the 2009 number will almost certainly be revised up early next year.
Japan’s GDP did not grow at all this year and could actually drop by 6% or more depending on the direction of its economic revisions.
The People’s Republic raised its growth forecast for 2008 to 9.6% from 9% which took the total to over $4.6 trillion. The Chinese government says it will have economic growth of 8%. The financial ministry has suggest that the 2009 number will almost certainly be revised up early next year.
Japan’s GDP did not grow at all this year and could actually drop by 6% or more depending on the direction of its economic revisions.
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