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Category: Money

China Lands No. 2 in World Economy

Written on February 14, 2011 by Japhet Writ

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Move over Japan! China is now the second largest economy in the world.

Last Monday, took the no. 2 spot in the world’s largest as the country released a GDP figure of $5.88 trillion for 2010. This makes drop to no. 3 at $5.47 trillion — thanks to China’s speed in manufacturing growth.

This manufacturing growth is due to China’s expanded domestic industries and infrastructure, driven by a surge in exports. In addition to this, multinational corporation also took advantage of the low labor cost by expanding their business in the country. With continuous and steady growth, the Japanese government predicts that China will outdone US as the world’s largest economy in less than 20 years.

Does this mean that the land of the Sleeping Dragon is finally awaken?

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