China+overtakes+Japan+as+world's+second-biggest+economy

  ===** China overtakes Japan as world's second-biggest economy Share this page** ===  ** **14 February 2011** Last updated at 11:19 GMT  **  ===**Share this page** === = = China overtakes Japan as world's second-biggest economy http://www.bbc.co.uk/news/business-12427321 BBC NEWS
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Explanation At the end of 2010, China has overtaken Japan as the world's second biggest economy. In 2010, China's annual GDP was 5.8 trillion while Japan's annual GDP was 5.474 trillion. The GDP( gross domestic product) is calculated by adding up all the values of consumption + investment + government + exports + imports. In 2010, Japan has experienced a decline in exports. Also consumer demand had dropped since the program of government incentive given to boost up consumption has expired. Japan showed a decrease in both exports and consumption, consequently, this lead to decrease in GDP. On the other hand, China is experiencing a growth in GDP. This is due to the long-running manufacturing boom and expansion of domestic industries and infrastructure. The government have been investing on regions to build infrastructure; this lead to increase in investment value. Also the well-built infrastructure not only attracted local businesses into the region, but also attracted foreign companies as well. Unlike GNP, GDP accounts for all the income made by companies operating in China, which would have attributed greatly in increasing China's GDP.

Economics VOCAB - GDP (gross domestic product) : the total value of all final goods and services produced in a economy in a year ( can be measured by consumption + investment + government + exports + imports) - GDP per capita : GDP divided by population - GNP (gross national product) : GDP plus income earned by companies operating in foreign countries minus income earned by foreign companies operating domestically - PPP ( Purchasing Power Parity ) : takes into account the local buying power of the currency - HDI ( Human Development Index ) : Includes data on additional information of education, health and standard of living (GDP per capita) - Economic Development :A steady rate of increase of national output ( also means improve of welfare, increase in people's freedoms, and reducing poverty so that people can be adequately fed and sheltered. - Lorenz Curve: graph which compares perfectly equal income distribution to the actual income distribution. -Gini Index : converts lorenz curve to a single statistics - GPI (Genuine Progress Indicator ) GDP plus non-monetary benefits (household work, parenting, volunteering work) - cost (environmental ,social)

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