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China overtakes Japan as world's second largest economy in 2010

15-Feb-2011 10:46 AM

Japan's Cabinet Office stated (14-Feb-2011) Japan's annualised GDP declined 1.1% in the three months to Dec-2010 marking the first decline in five quarters. The reduction was driven by a slowing in exports, weak consumer consumption and a reduction of government stimulus programmes. The office added that China’s USD5.88 trillion GDP surpassed Japan’s USD5.47 trillion in 2010, meaning Japan has now relinquished its position as the world's second largest economy to China. Japan has held the title for 42 years. Chief Cabinet Secretary Yuki Edano, announcing the development, said: "We are not engaging in economic activities to vie for ranking but to enhance people's lives. From that point of view we welcome China's economic advancement as a neighbouring country. The important thing is to incorporate such vitality of China to seek growth in the Japanese economy" (Xinhua, 14-Feb-2011).