Asia Bizz: China has officially crossed Japan to become the second largest economy in the world. Japan has been having issues with its economy and a string of financial crisis, especially with the government sector. China’s economy grew to $5.8 trillion surpassing Japan’s $5.474 trillion economy, and thus becoming the second largest economy on the planet.
Japan has been shrouded in a glitch of demands and a considerable drop in exports. What is worse, the famed Japanese electronics market is losing its charm against China and its goods. What is more disturbing for the United States, in a span of the coming 10 years, China’s economy will surpass it, and thus become the largest economy in the world.
Currently the size of the US economy is about three times that of China, and this shows US still has a grip of being a superpower, but may rather be short lived. Demand for Japanese products have been falling since the past 10 years, whereas it has been exactly the other way for China.