China Overtakes Japan as World's Second-Largest Economy

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China overtook Japan as the world's second-largest economy as the recovery in some of the major economies looks increasingly shaky.

Japan's gross domestic product grew just 0.4% in the second quarter, the Associated Press reported. The figure suggests that China's economy, which is expected to grow by 10% this year versus Japan's rate of 2%-3%, will be larger at the end of 2010.

Japan's nominal GDP, not adjusted for price and seasonal variations, was $1.268 trillion in the second quarter, while China's was $1.335 trillion. Japan has held the position of world's second-largest economy since 1968, when it pulled ahead of West Germany.
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