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July 30, 2010    

China becomes world’s second largest economy

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by Kay Murchie
China becomes world’s second largest economy

China has surpassed Japan and become the world’s number two economy and could pinch the top spot from the US in the next 15 years.

In an interview with China Reform magazine, Yi Gang, China’s chief currency regulator, said: “China, in fact, is now already the world’s second largest economy.”

He added: “China is still a developing country, and we should be wise enough to know ourselves.”

The achievement comes after thirty years of strong growth, which has seen hundreds of millions of people lifted out of poverty.

Furthermore, according to forecasts by the World Bank, Goldman Sachs and other reports, China is on track to become the world’s largest economy by 2025 but this is dependent on how fast its exchange rate rises.

The Chinese economy grew by 11.9% in the first quarter and 10.3% in the March to June period, according to the National Bureau of Statistics (NBS).

China has already achieved a major milestone this year by overtaking Germany as the world’s biggest exporter. Germany had held the top spot since 2003.

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