China dubbed world's second largest economy

Posted By: Staff
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Beijing, Jan 21: With China reporting a 8.7 per cent economic expansion in 2009, the communist country is likely to overtake Japan to occupy the position of world's second largest economy after United States.

On Thursday, Jan 21, China put up its total 2009 gross domestic output at 33.5 trillion yuan ($4.9 trillion). The data revealed that Gross Domestic Product of China returned to double-digit growth in the fourth quarter of 2009 at 10.7 per cent.

For the whole of 2009, the GDP went past the government's target of 8 pc, which is considered as a vital target to sustain the country's population of 1.3 billion.

"China has become the first, on the whole, to achieve recovery and stabilization in its economy," said Ma Jiantang, commissioner of the National Bureau of Statistics.

Japan's 2009 GDP figures, scheduled to be released in Feb 2010, is expected to uncover a 6 per cent economic contraction.

Assuming that this prediction would turn out be accurate, many reports have gone ahead and dubbed China 'the world"s 2nd largest economy'.

OneIndia News

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