- CNTV English - CCTV News

What does it imply after China becomes world's No. 2 economy?

08-04-2010 08:16 BJT

by Xinhua writers Wu Liming, Ye Shuhong

BEIJING, Aug. 3 (Xinhua) -- A deputy governor of China's central bank recently unveiled a major economic milestone in a rather casual manner.

"China is actually now already the world's second-largest economy," Yi Gang, who is also head of the State Administration of Foreign Exchange (SAFE), said in an interview posted on the SAFE website last Friday.

The milestone was an expected accomplishment, as it has been a consensus shared among economists, politicians and the media that China would sooner or later become the world's second largest economy. The only question was when the milestone would occur.

Following Yi's remark, some media lauded China's leaping forward and to a certain extent, exaggerated its significance.

Of course, becoming No. 2 in the world is a milestone earned after decades of hard work by the Chinese people.

Thanks to the reform and opening-up policy, China has experienced uninterrupted economic ascent over the past three decades, overtaking Britain and France in 2005, Germany in 2007, and now Japan.

However, it is also important to ask ourselves what it really implies to become the "world's No. 2 economy," and then stay cool.

After all, China's per-capita gross domestic product (GDP) is still far behind that of many other countries including, of course, Japan.

According to the World Bank, China's per capita GDP was a bit more than 3,600 U.S. dollars in 2009, ranking 124th worldwide, whereas Japan's per-capita GDP amounted to over 39,000 dollars.

Indeed, China's current per capita GDP is equal to only that of Japan in 1973, which was at around 3,800 U.S. dollars.

Analysts forecast it would be not until 2050 that China's per capita GDP reaches the 2009 level of the per capita GDP of developed countries.

In short, China has a long way to go.

"China is still a developing country, and we should be wise enough to know ourselves," Yi has said.

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program