China is officially the world's second-biggest economy after full-year figures showed that Japan's economy contracted in the last quarter of 2010.
Japan's economy grew 3.9 percent in the calendar year - its first annual growth in three years. But it was not enough to hold off China's blistering growth rate, says the South China Morning Post. Japan's nominal GDP last year came to US$5.4742 trillion, less than China's total of US$5.8786 trillion.
According to the Post, China is now the world's biggest car market and the largest energy consumer. If the country's growth rate continuous to surge, it will likely surpass the US as the No. 1 economy sometime between 2020 and 2030.
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