China is now the world's second largest economy

Posted by Aharon Etengoff

The People's Republic of China - also known as Zhōngguó - has eclipsed Japan and is now the world's second largest economy.

According to World Bank projections cited by Reuters, China remains on course to overtake the United States and assume the role of the world's number one economic superpower by the year 2025.

China is now the world's second largest economyHowever, China's per-capita income, which hovers at a mere $3,800 a year, is still quite low compared to America or Japan.  

Nevertheless, a recent op-ed in the government-controlled People's Daily urged the United States to "recognize and accept" China's inevitable rise "onto the world stage."

"No one would like to see the negative effects rocky relations would bring to China, the United States and possibly to the world as a whole," explained Zhong Sheng.

"[But] issues such as arms sales to Taiwan, Google censorship, RMB exchange rates [and] finger-pointing about economic responsibility show Washington still seems confused and impatient about relations with China."

Sheng also noted that ties between China and the United States represented the "most important and complicated" bilateral relationship of the 21st century. 



"The development of Sino-US relations will affect world peace and stability, especially in the Asia-Pacific region.

"[Of course], the United States needs both wisdom and determination to recognize and accept China, a country that is totally different from its own, as a power on the world stage," he added.