In 2010 China's GDP surpassed Japan's to become the world's second largest economy.
After three decades of spectacular growth, China has finally overtaken Japan to become the world's second-largest economy after the United States.
Japan's nominal GDP (gross domestic product) was $5,474.2 billion in 2010, or $404.4 billion less than China's, which overtook Japan to officially become the second-largest economy, according to data released by Japan's Cabinet Office.
China was also the world's seventh-largest economy in 2000 and surpassed Germany to become the world's third in 2007. When the size of China's economy will surpass Japan's has been a topic of concern for economists at home and abroad in recent years.
The Wall Street Journal used the phrase "end of an era" to describe this historic moment.
Yuan Gangming, a researcher at the Institute of Economics at the Chinese Academy of Social Sciences and a visiting professor at the Institute of Social Sciences at the University of Tokyo, re-emphasized yesterday that the international indicator for measuring the wealth of a rich country and the poverty of a poor country is the per capita GDP, and that "China's per capita GDP is only one-tenth that of Japan's, and the fact that China is still a poor country has not changed. The fact that China's per capita GDP is only one-tenth of Japan's, and that China is still a 'poor country' has not changed. Domestic media should play down this change to avoid international public opinion taking the opportunity to speculate again on 'China's economic threat theory.
Extended information:
There are a few such facts reflecting the prominence of China:
First, China's economy has stood out and maintained its high growth rate under the conditions of the financial crisis. in 2010, China's GDP surpassed that of Japan and became the world's second-largest economy.
Second, in October 2010, the G20 finance ministers' meeting decided that the IMF would transfer 6% of its voting rights to China and other big emerging countries, in which China's share would jump from 3.72% to 6.39%, and its voting rights would rise from the current 3.65% to 6.07%, surpassing the United Kingdom, France, and Germany to become the third largest shareholder of the IMF in one fell swoop.
China's rise in voting power has not shaken the veto power held by the United States at the IMF or the dominance of advanced economies.
Third, China's success in developing the world's fastest supercomputer, Tianhe-1, which is 47 percent faster than the U.S. Jaguar, which was the world's top computer, is seen as an important sign that it is on its way to becoming a major technological power.
Fourth, China's naval fleet has traveled to the Gulf of Aden and Somali waters to carry out escort missions.
Fifth, at the level of global governance, China plays an important role in the United Nations Security Council, participates in the formulation and coordination of international economic rules as a member of the G20 and the BRIC countries, and participates in climate change negotiations as a member of the BASIC countries, which has significantly increased China's international voice.
Reference:
Phoenix.com - China's GDP jumped to become world's second largest economy second-largest economy