China has formally overtaken Japan as the world's second largest economy. This was confirmed by annual 2010 economic figures released by Japan on Monday. The figures showed teh value of goods and services produced by Japan was US$5.47 trillion last year, compared to US$5.88 trillion for China.
The reaction in China was a mix of enthusiasm from netizens and caution from ordinary Chinese. China's GDP per capita is just over US$7,500, compared to around $34,000 in Japan and $47,123 in the United States.
Boom times in China take economy past Japan [The Independent, 15 Feb 2011]
Caution as China's economy overtakes Japan's [Xinhua, 15 Feb 2011]