China is very close to becoming the second-largest economy in the Asian Region. Some economists also believe that Asia’s new power may have already surpassed the leading country in this area – the of course being Japan.
In fact, expected gross domestic product of China will be larger this year, in terms of USD, than Japan’s. Japan was a leader in this economic area over four previous decades, but now China has taken a leading position in purchasing power.
According to Beijing’s report, China may have really been number two now for some time, gaining an additional 20 percent of economic growth.
The only thing potentially stopping China right now is the strength of the yen. And that’s why Beijing is also unlikely to want to make too much of a fuss about its new status at this stage. As that saying goes: “Wait till your difficulties are over before you boast of success”.