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China Briefings

Reports on China issued by Samsung Economic Research Institute

China Business Intelligence No. 174

China Business Intelligence No. 174

Samsung Economic Research Institute Beijing Office

Sept. 15, 2010

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Highlights:

I. Economy

China has overtaken Japan as the world's second-largest economic power. In August, Japan announced that its Q2 GDP fell short of China's. While Japan's nominal GDP for the Q2 stood at US$ 1.29 trillion, China posted US$1.38 trillion during the same period. Japan's annual GDP for this year is expected to be smaller than China's. Japan's nominal GDP for the first half of this year is US$ 2.59 trillion, a similar figure to China's US$ 2.53 trillion. With China's annual economic growth projection at 9.8%, China's GDP exceeding Japan's in 2010 is a fait accompli. In terms of purchasing power, China has already unseated Japan to take the world's No.2 spot. The Chinese government, however, responded with indifference, expressing concerns through several state-controlled media outlets. Chinese media sees it as a negligible achievement and stresses that China is still a developing nation on the grounds that China's per capita income - only one tenth of Japan's - is in the world's top 100.

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