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China has overtaken Japan as the world's second largest economy in terms of gross domestic product, or GDP, in the second quarter. Economists predict that China will probably maintain its lead over Japan for the rest of the year. This has attracted a lot of attention from world media and economists.
The New York Times says the achievement is a milestone for China, and that the rest of the world will have to reckon with a new economic superpower.
But, its report says that China is in the throes of urbanization and is far from developed.
China's per capita income is more on par with those of impoverished nations and there are huge challenges ahead.
Time/AP's report says the figures underscore China's emergence as an economic power. It is already the biggest exporter, auto buyer and steel producer and its worldwide influence is growing.
However, it says China's rise has produced glaring contradictions, including the wealth gap. With dozens of billionaires in the country, the average income for the rest of the country's 1.3 billion people is among the world's lowest.
Britain's Financial Times says it represents a shift in global economic and political power.
It says as the world's second largest economy, China will face pressure from other major countries to take a more central role on the global stage.
The Wall Street Journal says there is increasing awareness in foreign-policy circles that China's increasing economic weight could be threatening, yet attractive, and needs to be handled carefully.
Increasing awareness in foreign-policy circles that China's increasing economic weight could be threatening, yet attractive.
Needs to be handled carefully.