China Economy Zooms by Japan to No. 2 Spot
Nation's now gearing up to take on No. 1 US
By Mary Papenfuss, Newser Staff
Posted Feb 14, 2011 1:40 AM CST
This photo taken on February 10, 2011 shows predestrians walking along a street following the year's first snowfall overnight in Beijing. The Chinese capital had faced its longest wait for winter snowfall...   (Getty Images)

(Newser) – China has steamed past Japan to become the world's second-largest economy. Japan's economy, hit by a drop in exports and consumer demand, was worth $5.5 trillion at the end of last year, while China's was estimated at $5.8 trillion. China is expected to take over the US as the No. 1 economy in about a decade, reports the BBC. Japan officials played down the news. "As an economy, we are not competing for rankings but working to improve citizens' lives," said the nation's economics minister.

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WallyEFunk
Feb 14, 2011 8:03 AM CST
With the debt they have could get ugly.. Other selected Levels of Public Debt as a % of GDP from 2009 est 1 Zimbabwe 304.30 % 2 Japan 192.10 http://www.economicshelp.org/blog/economics/list-of-national-debt-by-country/ Who does Japan borrow money from ? China as well http://www.csmonitor.com/Business/The-Daily-Reckoning/2011/0110/On-the-worthlessness-of-Japanese-government-debt
Fascist_Jack
Feb 14, 2011 7:57 AM CST
Only Conservatism can save America from falling behind. Not Cronyism, but Conservatism. Liberals actually hate the idea of America being a super power, so they should be stripped of their power all together.