China is the world's second largest economy

Telegraph
"That allowed China to pull ahead with a GDP total of $5.88 trillion (£3.68 trillion) for 2010, on a non-adjusted nominal dollar basis, compared to $5.47 trillion for Japan.

By comparison, the United States recorded GDP of $14 trillion in 2009, but experts have predicted that after sweeping past Germany, France, the UK and now Japan, China will catch up with the US by as early as 2030.

Similar predictions were made for Japan’s prospects during the 1980s. However, after more than a decade, being overtaken by China reflects Japan’s declining political and economic power. "