China GDP tops Japan in Q3: govt

10:37, December 10, 2010      

Email | Print | Subscribe | Comments | Forum 

China's economy again beat Japan's in the third quarter, and Asia's rising giant remained on course to unseat Japan as the world's No. 2 economy for the year as a whole, data showed Thursday.

Japan stressed that it remained ahead for the first nine months, thanks to strong growth in the first quarter. But since then it has been outperformed by China, a trend that is expected to continue.

For July-September, China's nominal gross domestic product of $1.42 trillion beat Japan's $1.37 trillion, the cabinet office in Tokyo said, quoting average Japan interbank exchange rates and an IMF yuan-dollar rate.

China eclipsed Japan in the second quarter, as the archipelago nation was hit by cooling exports and flat domestic consumption from April to June.

However, Japan's nominal GDP for January to September was $3.96 trillion, while China's was $3.95 trillion, according to the official.

Beijing has been criticized for keeping the yuan artificially low, suggesting that China's nominal GDP should be even higher, while the recent strength of the yen versus the dollar has pushed up Japan's figure.

Japan Thursday revised its July to September growth higher to an annualized 4.5 percent from an initial estimate of 3.9 percent.

But China's trajectory in surpassing Japan as the world's second-biggest economy this year will be likely strengthened by an expected Japanese slowdown in the fourth quarter as export growth cools.

Japan's post-war "economic miracle" put it at No. 2 behind the US for more than 40 years, but stagnation after its property bubble burst in the 1990s has helped put China on course to supplant it this year.

However, Japan remains more than 10 times richer on a per-capita basis, according to the International Monetary Fund.

While China's leap forward reflects a shift in economic power as the country continues its transformation from poverty-hit country to global heavyweight, it also highlights the need for Japan to re-energize its economy, analysts say.

Despite its crawling out of a severe year-long recession in 2009, Japan's recovery remains fragile with deflation, high public debt, weak domestic demand, softening exports and a strong yen all concerns for policymakers.

Source: Global Times

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese President Hu Jintao (C, front) and other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Wen Jiabao, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang, He Guoqiang and Zhou Yongkang, walk towards the Monument to the People's Heroes in Tian'anmen Square of Beijing, capital of China, Oct. 1, 2011. China's top leaders laid flower baskets at the monument on Saturday morning to mark the 62th anniversary of the country's founding. (Xinhua/Li Tao)
  • Five-month-old twin girls, An An (left) and Xin Xin, meaning safe and relieved in Chinese and carrying the good wishes of their parents, leave a Shanghai hospital yesterday, less than four weeks after a September 5 surgery to separate the conjoined twins from Zhejiang Province. They were born connected at the liver, chest bone and heart sac, the covering around the heart. Though they shared one liver and used one pericardium, they have their own hearts.
  • Models present cheongsams designed by Chen Yanqin during a fashion show in Yantai, east China's Shandong Province, Sept. 30, 2011. More than 100 creations of cheongsams, a traditional Chinese women's dress also known as mandarin gown or Qipao, were displayed here Friday. (Xinhua/Li Mingfang)
  • Citizens watch fireworks exploding over the Jingtian Lake during a music firework show in Shanghai, east China, Sept. 30, 2011, on the eve of the National Day. (Xinhua/Pei Xin)
  • A member of the media takes a look at a Bluecar, an electric-powered car made by French company Bollore, at a media presentation in Vaucresson, west of Paris, yesterday. The Bluecars have a range of 250 kilometers in urban use and a maximum speed of 130km per hour, and will be available to rent in the streets of Paris under the name of Autolib. The four-seater Bluecars will be positioned at 1,200 stations in the French capital, where customers can pick them up and drop them off, and will be available around the clock. Users must have a valid driver's license and pay a subscription fee to borrow one of the vehicles.
  • Tourists watch a performance about an ancient court trial. (Photo/Xinhua)
Hot Forum Discussion