China overtook Japan in 2010 and is now world's second-largest economy
For the first time in 42 years, China has now overtaken Japan (behind the US) to become the second biggest economy in the world. China's nominal GDP overtook Japan's by $400 billion last year. According to statistics published by the Japanese government, the country's GDP, evaluated in nominal terms over the course of 12 months, grew to $5,474.2 billion whilst Chinese GDP over the same period rose to $5,878.6. Five years ago, the Chinese economy was still less than half the size of Japan's. Very efficient growth policy set up by the Chinese authorities has allowed the country to catch up on Japanese performance in record time. In 2010, Chinese GDP therefore grew by 10.3%, whilst that of Japan stood at 3.9%, well above, nonetheless, the rate obtained by many OECD countries, which were not so efficient in resisting the financial crisis. (I.L./transl.fl)