China overtakes Japan as the World's SECOND biggest economy

Key points from the article:
China surpassed Japan as the world’s second-largest economy last quarter.

Japan’s nominal gross domestic product for the second quarter totaled $1.288 trillion, less than China’s $1.337 trillion

The country of 1.3 billion people will overtake the U.S., where annual GDP is about $14 trillion, as the world’s largest economy by 2027, according to Goldman Sachs Group Inc. chief economist Jim O’Neill.

China overtook the U.S. last year as the biggest automobile market and Germany as the largest exporter. The nation is the world’s No. 1 buyer of iron ore and copper and the second- biggest importer of crude oil, and has underpinned demand for exports by its Asian neighbors

The country remains a developing nation, with its

per capita gross national income ranked 127th in the world at $2,940

at the end of 2008, behind Angola and Azerbaijan, according to the World Bank

Source: BLOOMBERG