[Economics] China surpasses Japan in GDPQ2

This is oldnews and everyone knew that it was going to happen. But I guess its finally official now after on Monday, the Japanese government reported the official numbers. I think from all the readings I’ve done in the past week, this paragraph from Cornell Professor, Eswar Prasad sums it up very well:

There are virtually no historical parallels for a country that is so large and dominant in absolute terms and yet that lags far behind many other countries in terms of per capita income and other indicators of development. There is still a yawning gap in per capita income levels between China and the advanced economies and, even at present growth trajectories, it will take a generation for China to achieve the level of development of advanced economies.

But interesting enough it’s the same old Beijing and its not like people here are celebrating or anything.

View of Guomao from Shuangjing

Creative Commons Licence
Go Katayama – Photojournalist in Beijing by Go Katayama is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License.
Based on a work at gokatayama.com.

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