China overtaking Italy, France, Germany and the U.K.

            It was in 2000 that China overtook Italy, in terms of nominal GDP by Expenditure approach. It surpassed France in 2002, the United Kingdom in 2008 and that of Germany in 2007. Japan having been pushed to third place in 2009, China occupied the second place. next to the U.S.A..
           The speed, enthusiasm and the consistency with which China has been rushing forward with a formidable and highly planned economy, makes it obvious that it would it would grab the foremost place in the forth-coming years.
           By the 2010, China's average annual GDP growth was 9.91%. It reached an historical high of 15.2% in 1984 and a record low of 3.8% in 1990. Based on the current price, the country's annual GDP growth in the 32 years that extends between 1979 and 2010, was 15.8%. It reached a historical high of 36.41% in 1994 and a record low of 6.25% in 1999.