CHINA AS No. 2

CHINA IS THE WORLD'S SECOND LARGEST ECONOMY

China became the world's second largest in 2010 after data from Japan on Monday confirmed the country had lost the ranking it had held for 42 years.

The Telegraph, February 14, 2011

China was acknowledged last year as having surpassed Japan, but full-year Japanese data confirming it were not available until today.

The historic shift underscores a stark change in fortunes for the two countries: China is growing rapidly and driving the global economy, while Japan never fully bounced back from the stagnation that followed the bursting of its property bubble.

However, Japan said its economy would be lifted by a rising tide of recovery in key markets such as the US and elsewhere, and would aim to reap the benefits of its booming neighbour and top export market China.

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