China's economy passes Japan's
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After three decades of spectacular growth, China overtook Japan in the second quarter to become the world's second-largest economy behind the United States, the New York Times reported Monday.
The news came early Monday, when Tokyo said that Japan's economy was valued at about US$1.28 trillion in the second quarter, slightly below China's US$1.33 trillion. Japan's economy grew 0.4 percent in the quarter, Tokyo said, substantially less than forecast. That weakness suggests that China's economy will race past Japan's over the full year.
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