When China became the world's second largest economy overtook the US

Source: Internet
Author: User
Keywords China Japan
Japan's two-quarter GDP was $1.28 trillion trillion, while China's two-quarter GDP was $1.33 trillion trillion, according to figures released 16th by the Cabinet of Ministers. Japan's total economy has lagged behind China's.  And given that Japan's quarterly GDP growth rate is only 0.4%, and the annual growth rate is expected to be lower, there should be no suspense about China's full-year GDP over Japan. About 10 years ago, China was the world's seventh-largest economy, overtaking Germany as the world's third and overtaking Japan this year.  "China is actually the world's second-largest economy," Yi Gang, the deputy governor of the Chinese central bank, told reporters in an interview. China's economy, after decades of dazzling growth, overtook Japan as expected, and the world will re-examine China and adapt to dealing with the big economy in a new way.  But if China is only 1/10 per capita, China's population is 10 times times the size of Japan's, and the total is just over. How long does it take for China's economy to overtake the US and to overtake the US as the world's first?  On this issue, there are many versions circulating. Version 1 2016 said: China's economic average growth rate has remained at 17%, the renminbi appreciation of 5% in the year. U.S. GDP in 2016 will be $21.69 trillion trillion, and China's GDP will reach 101.32 trillion yuan (RMB).  China surpassed the US in the 1:4.64 exchange rate. Version 2 2018 said: The U.S. economy actually average annual growth rate of 1.5%, annual inflation rate of 1%. The average annual real growth rate of China's economy is 8.5%, annual inflation rate is 2.8%. The annual appreciation of RMB is 4%.  2018, U.S. GDP will grow to 17.73 trillion U.S. dollars, China's GDP will reach 17.8 trillion U.S. dollars.  Version 3 2035 said: China in 2020 will be GDP18 trillion dollar with the United States, and by 2035, China will overtake the United States.  To have a clear understanding of China's GDP as the world's second-largest economy, it needs a sobering understanding of the rankings. In terms of GDP per capita, China lags far behind the developed countries. China's GDP per capita was 3566 trillion last year, ranking 99th in the world, according to the International Monetary Fund's latest figures. And Japan ranked 16th in the world, GDP per capita is 39573 U.S. dollars, is China's more than 10 times times.  According to the world's GDP8000 dollar per capita, China has only 45% of the world average. The Chinese people's wealth per capita is ranked in the world after hundreds.  Therefore, we need to maintain a sober understanding and calm attitude, more rational view of the future direction of China's development. Yi Peng (Researcher, Institute of Human Capital, Peking University)
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