China is World’s 2nd largest economy, goes past Japan

China hailed the country’s economic might after it overtook world number two Japan in the second quarter but said it still had many people living in poverty.

In a testimony to its growing clout, China’s nearly $5 trillion economy surpassed Japan to become the world’s second largest economy for the three months ended June, 2010.

On Monday, the country’s economy was worth $1.29trillion for the June quarter after it grew 0.4%. During the same period China’s economy was valued at $1.34 trillion.

The spokesman says “The quality of China’s economy growth still needs to be improved, no matter whether it is in terms of people’s quality of life or in terms of science, technology and environmental protection “

The economic strength of China is yet at the level of developing nation. In just three decades, China has leapfrogged Britain, France and Germany on its economic ascent and has won developing countries a bigger say in the World Bank and International Monetary Fund.

The US remains the world’s largest economy valued at around $14.2 trillion. India is at the 11th place, at $1.29 trillion.