Even if the world is still facing recession, Chinese economy is booming to become the second largest economy in the world. China is about to cross a recession hit Japan to achieve this feat. Chinese economy grew an amazing 10.7% in the last quarter of 2009. Powered by stimulus measures and improving domestic output, China has achieved a great growth of 8.7% in 2009. According to National Bureau of Statistics of China, the economy grew 10.7% in December quarter compared to 9.1 per cent in third quarter.
The gross domestic product (GDP) in year 2009 is 33,565.3 billion Yuan, which equals $ 4.91 trillion which is higher by 8.7 per cent at comparable prices. According to World Bank, Japanís economy would shrink 5.4 % in 2009 which means that the GDP will be less than $ 4.66 trillion. As per world bank estimates, Chinese gross domestic product was $ 4.33 trillion last year, where Japanís GDP was at $ 4.91 trillion.