CCTV.com - CNTV English - CCTV News

China's economy seen to eclipse Japan

08-17-2010 08:35 BJT

Watch Video

Play Video

The newly released figures show Japan's economic growth slowed markedly in the April-June quarter, pushing Japan's GDP behind China's on a nominal dollar basis. The figures are seen by many as China's surpassing of Japan as the second-largest economy in the world. Yin Hang takes a look at how Japan is responding to the news.

An estimate by Japan's Cabinet Office shows the country's second quarter GDP before seasonal adjustments totaled around 1.29 trillion U.S. dollars, against China's second-quarter unadjusted GDP of 1.34 trillion U.S. dollars.

But Japanese government officials say the comparison is misleading, as the calculation methods differ between the two nations.

Satoshi Arai, Japanese Economic Minister said "Whoever is top or bottom has no meaning. It only represents each country's current economic health. Our country's development closely follows that of China's and other Asian nations', and that is also part of our growth strategy."

Analysts add most people had been expecting China to overtake Japan, and the issue was mostly a political one. But they say economically, it's not all bad news for Japan.

Hideki Matsumura, Senior Economist of Japan Research Institute said "However, there is a large positive element in that with more growth in China, more people will be buying Japanese products. So overall the development of the Chinese economy is a good thing for Japan."

On the streets of Tokyo, the news was not all that surprising but opinions were mixed.

Yasutoshi Furuta, one businessman said "I think the reason for this is South Korean or Chinese as people are more "driven" than the Japanese."

Some say Japan only have themselves to blame, with an economy that's stagnated in recent years. For others, it's high time to look more and more to China for future opportunities.

Editor:Xiong Qu |Source: CNTV.CN

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