China's economy passes Japan's as world's second-largest
Posted: Mon Aug 16, 2010 5:21 pm
The milestone comes as Japan has been stunted by weak consumer spending and lower corporate investment. It is a highly anticipated milestone for China, a developing country that began market reforms in 1978, gradually shedding state control and laying the foundation for a manufacturing and export powerhouse.
China's economy surpassed Japan's as the world's second-largest – a highly anticipated milestone rich in symbolism for a developing country that began market reforms only three decades ago.
The news came Monday when Japan's government said its economic output in the second quarter slowed to $1.28 trillion, which is short of the $1.33 trillion China reported over the same period.
Though China's economy bested Japan's output before in the fourth quarter of last year, economists say China is poised to be ahead for good as Japan's economy struggles to recovery from the financial crisis.
More/Source: http://snipr.com/10ovwz
China's economy surpassed Japan's as the world's second-largest – a highly anticipated milestone rich in symbolism for a developing country that began market reforms only three decades ago.
The news came Monday when Japan's government said its economic output in the second quarter slowed to $1.28 trillion, which is short of the $1.33 trillion China reported over the same period.
Though China's economy bested Japan's output before in the fourth quarter of last year, economists say China is poised to be ahead for good as Japan's economy struggles to recovery from the financial crisis.
More/Source: http://snipr.com/10ovwz