China’s is the world No 2 economy, just ahead of Japan’s now
The headline is:
China overtakes Japan as No. 2 economy
11:47 PM CDT, July 30, 2010
China has overtaken Japan to become the world’s second-largest economy, the fruit of three decades of rapid growth that has lifted hundreds of millions of people out of poverty.
Depending on how fast its exchange rate rises, China is on course to overtake the United States and vault into the No. 1 spot sometime around 2025, according to projections by the World Bank, Goldman Sachs and others.
Cruising past Japan might give China bragging rights, but its per-capita income of about $3,800 a year is a fraction of Japan’s or America’s.
“China is still a developing country, and we should be wise enough to know ourselves,” said Yi Gang, China’s chief currency regulator, when asked whether the time was ripe for the yuan to become an international currency.
China’s economy expanded 11.1 percent in the first half of 2010, from a year earlier, and is likely to log growth of more than 9 percent for the whole year, according to Yi, in an interview with China Reform magazine posted on the Web site of his agency, the State Administration of Foreign Exchange.
Lest you leap out the winda, let’s put this into perspective. According to 2006 numbers the world’s GDP per head was about $7,150 USD. Then there is this interesting table of the top 15 countries GDP/head according to Wolfram Alpha:
To be complete let’s look at the top 10 countries by GDP:
So keep your hats on China!
Notice that the word Canada doesn’t show altho we are a member of the G-8 list of world’s economies!
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