China surpasses Japan as the #2 world economy

China has overtaken Japan as the world's second-largest economy, according to just-released Japanese figures.



The Japanese cabinet office says the nominal gross domestic product, GDP, figures for 2010 indicate that Japan’s economy was valued at US$5.47 trillion.



This places Japan in third position behind China which had a GDP of US$5.88 trillion last year.



The United States remains the world’s largest economy.



However, the Japanese government predicts that at the rate China is growing, it will overtake the US in fewer than 20 years.