China just surpassed Japan in becoming the 2nd largest global economy. The United States is still #1, but...current projections have China exceeding the U.S. economy in less than 5 years.
The recognition came early Monday, when Tokyo said that Japan’s economy was valued at about $1.28 trillion in the second quarter, slightly below China’s $1.33 trillion. Japan’s economy grew 0.4 percent in the quarter, Tokyo said, substantially less than forecast. That weakness suggests that China’s economy will race past Japan’s for the full year.
Experts say unseating Japan — and in recent years passing Germany, France and Great Britain — underscores China’s growing clout and bolsters forecasts that China will pass the United States as the world’s biggest economy as early as 2030. America’s gross domestic product was about $14 trillion in 2009.
While the New York Times low balls the time line for China to become the world's economic superpower, may economists have China becoming the largest global economy in 5 more years.
Anyone else wondering why the WTO would classify China as an emerging economy or why anyone would allow their continual currency manipulation and tariffs considering they are projected to be the globe's dominant economy? What a rigged game!
China was projected to be #2 earlier last year.