China Economy Zooms by Japan to No. 2 Spot
Nation's now gearing up to take on No. 1 US
By Mary Papenfuss,  Newser User
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)
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(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.