NYT: Breaking News Alert: China's Economy Passes Japan's in Quarter, Becoming the World's Second Largest. August 15th., 2010

Breaking News Alert The New York Times ----- China's Economy Passes Japan's in Quarter, Becoming the World's Second Largest After three decades of spectacular growth, China has passed Japan to become the world's second-largest economy behind the United States, according to government figures released early Monday. The milestone, though anticipated for some time, is the most striking evidence yet that China's ascendance is for real and that the rest of the world will have to reckon with a new economic superpower. The milestone was reached early Monday, when Tokyo said that in the second quarter, the Japanese economy was valued at about $1.28 trillion, slightly below China's figure of $1.33 trillion. The gross domestic product of the United States was roughly $14 trillion in 2009. Japan's economy grew 0.4 percent in the second quarter, Tokyo said, substantially less than forecast. Read More: http://www.nytimes.com?emc=na