PowerPoint Slideshow about 'Has China Economy now overtaken Japan' - richard_edik
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But Chinese growth has soared since the 1980s and it shows little sign of slowing. While China sprints forward, Japan inches along. While China has been enjoying double-digit annual economic growth - 11.9% in 2007 - Japan's growth has been more modest - just 2.1% in 2007.
Japan's exports fell year on year for the first time in more than four years in June (although they had been down month on month in both May and April, and ironically they were up in June over May) Exports decreased 1.7 percent in June 2007, according to the Finance Ministry this morning. The drop was the first since November 2003.
According to statistics released by China's Ministry of Commerce, two-way trade between the two countries climbed by 13.8 percent year-on-year to 236 billion US dollars in 2007. Japan became China's biggest exporter and its fourth biggest export market.
China was exporting deflation by exporting gods at low prices was repeated by market analysts and policymakers
“The entry of emerging market economies-such as China and other east Asian nations-into the global trading system is a powerful additional deflationary force. China is deflation and its effects are not limited to neighboring Hong Kong and Taiwan” Vice Minister for International Affairs at the Japanese Ministry of Finance: