China officially overtook Japan to become the world's second largest economy

Foreign media said that this marked the end of an era of "Caixin net" (Integrated media coverage) 2010 gross domestic product, Japan: China, 5.4742 trillion U.S. dollars: 5.8786 trillion dollars.　　China confirms to be the world's second largest economy.　　Japan's 2010 GDP (gross domestic product) of $5.4742 trillion trillion, below China's $5.8786 trillion trillion in January, has officially surrendered its position as the world's second-largest economy, according to figures released by the Japanese cabinet. Meanwhile, Japan's gross domestic product shrank at an annualised rate of 1.1% per cent in the fourth quarter of last year, the first negative growth in five quarters.　　In the quarter, consumer spending, which accounted for nearly 60% of Japan's GDP, fell by 0.7%, domestic demand dragged down 0.2% per cent of GDP, and external demand dragged GDP down by 0.1%. The seating position of a big economy is set by converting a country's GDP into dollars at market rates.　　This is considered the best indicator because it reflects how much a country or its company can buy on the international market, be it steel or stealth aircraft parts. In the 1968, Japan overtook former West Germany for the first time, and then occupied the throne of the world's second-largest economy for 42 years, using the main indicator of gross domestic product (GNP).　　China is still classified as "emerging and developing", reflecting China's dual identity: China is a poor country on a per capita basis, and China is a rich country in terms of economic aggregates. Japan's Kyodo News said that Japan's chief Minister Yukio Edano 14th morning, said, "the neighbouring countries to achieve economic development, this is something to be welcomed." What is important is how Japan should learn its dynamism. "Japan is still many times as large as China in terms of GDP per capita, and Japan will continue to push ahead with its economic growth strategy in order to pass this advantage on to the next generation," he said. Kyodo Analysis said that Japan's GDP growth rate is slow, mainly under the influence of small-child aging and deflation and other factors. With China's rapid growth, the gap between the two countries is bound to keep widening.　　For Japan, the use of emerging market countries such as China to inject vitality into the economy, while achieving GDP per capita and other economic "quality" of the promotion will become a future issue. The Wall Street Journal commented that the news marked the end of an era, but whether China could eventually overtake the US depends on how long it will continue to maintain faster growth than the US. As the world's second-largest economy, China should play an important role in any reform of the global economic system, the report said, so it would feel that the success or failure of the reform concerns its own gains and losses. (Caixin reporter Xu Ming)