China economy overtakes the land of the setting sun

first_img KCS-content China economy overtakes the land of the setting sun whatsapp Show Comments ▼ Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap Share CHINA overtook Japan last year to become the world’s second-biggest economy in nominal terms, according to Japanese GDP figures released yesterday. Japan ceded its second spot after GDP contracted in the fourth quarter due to an export slump that was exacerbated by the strong yen; the end of subsidies for carmakers; and a new tax on cigarettes. Gross domestic product slowed 1.1 per cent in real, annualised, seasonally adjusted terms in the three months to the end of December. That left Japan’s nominal GDP for 2010 at 479.223 trillion yen or $5.474 trillion, below China’s $5.879 trillion figure for the same year. This marked the first time that nominal Chinese GDP has surpassed Japan’s on a full-year basis, although it has done so on a quarterly basis several times before. The US is still well in the lead with nominal 2010 GDP of $14.66 trillion. Economists said the event was largely symbolic, as China has been ranked as the second largest economy in terms of purchasing power since April 2008. whatsapp Monday 14 February 2011 8:35 pm Tags: NULLlast_img read more

"China economy overtakes the land of the setting sun"