Economic Status of China Versus Japan

 Last quarter, China jumped in to second place in the world’s largest economy, pushing Japan out.  This is quite a significant jump considering its Communist isolation some years ago.  Figures for the second quarter were Japan’s GDP at $1.288 trillion (China at $1.337 trillion). Japan’s yearly GDP is $5.07 trillion, with China’s exceeding $4.9 trillion. China took the world out of the global recession last year, given its huge economy (over 90-times larger than in 1978 when Deng Xiaoping [the country’s premier] eliminated mega-Communist policies, replacing them with free-market reforms).  By 2027, China will even be superseding America as the world’s biggest economy where GDP is approximately $14 trillion per year according to Jim O’Neill, chief economist at Goldman Sachs Group Inc.