Can China Become The Second Largest Economy?

Gone are the days when the third largest country in the world has carried the burdens

caused by immense poverty because now, China boasts of its rapid development and economic growth. Economic analysts claim that the world has seen nothing yet; pointing out that Chinas position in the economic race can soon change.

But can the biggest country in Asia maintain its blazing progress and dethrone the reputable economy of Japan, which is currently the worlds second largest? Reports state that it is indeed possible.

"I believe it can happen already earlier [than 2011]. Maybe already in the middle of this year," said economist Jim O'Neill in a report by Reuters. "The big story in the post-crisis global economy is: China imports!" China is currently the largest exporter and second largest importer of goods.

For the past 30 years, China prospered faster than any country. In 2009, the country managed to post more than 8% improvement despite the infamous global economic drought for that year. Additionally, according to a report by the Wall Street Journal, Chinas mighty reserves grew from $1 trillion to $2.23 trillion from 2006 to 2009.

Meanwhile, progressed has been tough for Japan in the recent years. In a report by The New York Times, the per-capita gross domestic product of Japan stalled in 2007 at $34,000.

Unemployment, poverty and even its national debt are also rising in Japan. According to The New York Times report, Chinas export market increases because of the decline in the economy of Japan.

Reports also state that China is already seeking to match Japan when it comes to economic management as it continues to develop.

According to ONeill, Chinas economy could even grow thrice its size by 2020.

by: Betty Payne

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