China set to be world’s 2nd largest economy

The Chinese economy grew by stunning 10.7 pct in 2009 Q4,which may see it replacing Japan as the second largest economy in the world.

The Chinese economy grew by stunning 10.7 per cent in the fourth quarter of 2009,which may see it replacing Japan as the second largest economy in the world.

Bolstered by massive stimulus measures and improving domestic output,China clocked an economic growth rate of 8.7 per cent in 2009,even as many developed nations are still grappling with recession blues.

The National Bureau of Statistics of China today said the national economy grew 10.7 per cent in the December quarter,much higher than 2009 third quarter expansion of 9.1 per cent.

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“The gross domestic product (GDP) for the year 2009 was 33,535.3 billion yuan (about USD 4.91 trillion),up by 8.7 per cent at comparable prices…,” National Bureau of Statistics’ Commissioner Ma Jiantang said in a statement.

Bogged down by the financial meltdown,Japan has seen sluggish growth in recent quarters. World Bank has projected that the Japanese economy would shrink 5.4 per cent in 2009,which implies that its GDP would come down to USD 4.66 trillion.

According to World Bank,China’s GDP was USD 4.33 trillion in 2008 while that of Japan was USD 4.91 trillion.

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