Saying “I told you so” isn’t always a sign of bad manners – not when good news is involved. Well, I did tell you to expect this: China has now raced past Japan to become the world’s number two economy.
Just last Christmas I wrote that China would blow past the Chinese economy this year. And so it has. Yi Gang, China’s top currency regulator, says China has “in fact” overtaken Japan as the world’s second-largest economy.
When I made the prediction through the China Stock Digest, China’s gross domestic product numbers had just been revised upwards. The new total GDP rose to almost $5 trillion (and growing). Japan’s GDP was approximately $5.2 trillion and the economy was shrinking.
With China’s accelerating growth, it was only a matter of time before Japan’s sputtering economy was left in the dust.
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