Back in 2010 China’s economy exceeded Japan’s, raising its position to 2nd place among the big 5 economic nations leaving the 1st place, US in a close range. During the past 30 years China's economy has changed from a centrally planned system that was largely closed to international trade to a more market-oriented that has a rapidly growing private sector.
Some experts presume that the difference between China’s and Japan’s GDP now is about 48.6 billion dollars, but the exchange rate for the yen is high while the value of Yuan is relatively devalued so the actual difference may be bigger.
Despite of the global financial crisis China had a high and fast growth of more than 9% exceeding again Japan. A major component supporting China's rapid economic growth as always has been exports growth.
We thought to show you this fantastic info-graphic for modern China, prepared by Jason Powers.
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