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China 'is second largest' economy China 'is second largest' economy
(10 minutes later)
China says its economy grew by 8.7% in 2009, and by 10.7% in the final quarter of the year, compared with 2008. China says its economy expanded by 8.7% in 2009, likely leap-frogging Japan to become the world's second largest economy behind only the US.
Analysts say it is likely that China has now overtaken Japan as the world's second largest economy behind the US. The Chinese government also said the growth in the final quarter of 2009 accelerated by 10.7% from 2008.
But they say currency fluctuations make it difficult to compare the two nations precisely, and some experts question the accuracy of China's figures. But analysts say currency fluctuations make it difficult to compare China and Japan, and some experts question the accuracy of China's figures.
Japan announces its latest GDP figures next month. Its economy is likely to have contracted by around 6% in 2009. Japan announces its latest GDP figures next month.
Its economy is likely to have contracted by around 6% in 2009.
'Right direction'
The announcement was made by China's National Bureau of Statistics (NBS).The announcement was made by China's National Bureau of Statistics (NBS).
The figures have exceeded the targets set by the Chinese government, the BBC's Chris Hogg in Shanghai says.The figures have exceeded the targets set by the Chinese government, the BBC's Chris Hogg in Shanghai says.
A government spokesman said China has recovered from the global downturn and was moving in the right direction.A government spokesman said China has recovered from the global downturn and was moving in the right direction.
China was hit by the world economic crisis during late 2008 and early 2009, but not as badly as other countries.China was hit by the world economic crisis during late 2008 and early 2009, but not as badly as other countries.
It recovered with the help of a massive government stimulus package.It recovered with the help of a massive government stimulus package.