China Overtakes Japan as World's Second-Biggest Economy

China exceeds Japan as the world’s second-largest wealth last quarter, capping the nation’s three- decade rise from collective separation to emerging superpower.

Japan’s supposed gross domestic product for the second quarter totaled $1.288 trillion, less than China’s $1.337 trillion, the Japanese Cabinet Office said today. Japan remain bigger in the first half of 2010, the government agency said. Japan’s annual GDP is $5.07 trillion, while China’s is more than $4.9 trillion.

China lead the world out of last year’s global depression with an economy that’s more than 90-times better than when leader Deng Xiaoping abandoned hard-line Communist rules in favor of free-market improvements in 1978. The country of 1.3 billion people will pass the U.S., where annual GDP is about $14 trillion, as the world’s major economy by 2027, according to Goldman Sachs Group Inc. chief economist Jim O’Neil

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