Chinese economy stronger than Japanese by Milota Sidorova

Last days we've witnessed long expected breaking point between China and Japan. China replaced Japan as the second biggest economy in the world. This happened after both countries released their quartal GDP growth results. Japan failed to meet its 4.4 percent projections and got only 0.4 percentAnd China kept on its export and trading moloch that won. At least quartal statistics – because a gap between general living standard in both countries is huge. While there is a closed group of super rich billionaires in China and the rest of the country face almost global poverty, average Japan citizen earns $37,800 per capita, Chinese get only $3,600. The richest people in th! e world remain Americans with $42,240 per capita and the biggest economy. However, we've come into the era of Chinese government over the world. It has become major partner, trader, exporter and demander of world products. It also kept its yuan extremely low that it threatened any other world currency, but made great conditions for growing export.Observers suggest Japan was down due several factors typical for matured society – aging residents, slowing work forces metabolism, decreasing consumer spending and demand. Although living standard is high that of course put different light on the issue, mental border has been broken.It was expected for so long, China would attack the position. And once it would reach the second place, it would aim higher. Since a significant part of U.S. GDP is created by monetary transactions without any physical background or production, for China it may be a clear advantage to settle down. But only as as long as its export remains on this! incredible pace. Japan lost its dominancy after 42 years when! it repl aced West Germany.

related story (sgx18002): http://www.france24.com/en/20100816-china-steams-ahead-japan...

by Milota Sidorova for Cantell TV (http://cantell.tv)

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