Japan set to hold world No.2 largest economy

BEIJING, July 23 (Xinhuanet) -- Japan looks set to hold onto it's ranking as the world's second largest economy. China staged a dramatic recovery from the global financial crisis, and has since been breathing down Japan's neck.

China's nominal GDP of 4.9 trillion US dollars in 2009, was just behind Japan's 5.1 trillion. But China announced last week that second quarter growth has slowed to 10.3 percent.

Industrial production is much weaker, and the property market has come to a standstill. By contrast, the yen is currently trading at just under 88 to the US dollar, six percent stronger than its average rate during 2009.

(Source: cntv.cn)

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