China is on track to officially eclipse Japan as the world's second-largest economy this year in a symbol of Beijing's rise and the shift in global economic and political power.
New figures released yesterday showed that China's economy overtook Japan's in the second quarter after Japanese gross domestic product unexpectedly slowed.
The Japanese economy, second only to the US for more than 40 years, grew at an annualised, seasonally adjusted pace of 0.4 per cent in the three months to the end of June – much lower than the revised 4.4 per cent growth rate for the first quarter and the 2.3 per cent expected by economists.
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