China has been growing in the past decade, which as allowed it to surpass Japan’s economy, and reintroduce itself as a large player in the global economy of commercial and political powers. The Associated Press reports:
China has eclipsed Japan as the world’s second-biggest economy after three decades of blistering growth that put overtaking the U.S. in reach within 10 years.
Japan is still far richer per person after confirming Monday that economic output fell behind its giant neighbor for the three months ending June 30. However, the news is more proof of China’s arrival as a force that is altering the global balance of commercial, political and military power.
Analysts are already looking ahead to when China might match the United States in total output — which the World Bank and others say could be no more than a decade away.
“This means the world will pay more attention to China, especially when most Western countries are mired in the bog of debt problems,” said economist Lu Zhengwei at Industrial Bank in Shanghai.