China Tops Japan as World's 2nd Largest Economy

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China is set to overtake Japan as the second-largest economy in the world.

China is already the biggest exporter in the world, the biggest steel producer, and it buys more cars than any other country.

"Japan was the powerhouse driving the rest of Asia," said Rob Subbaraman, chief Asia economist for Nomura Securities. "Now the tide is turning and China is becoming a powerful influence on the rest of Asia, including Japan."

But China still has problems. It faces a huge gap between the rich elite and the poor majority.

However, a growing number of Chinese are moving into the middle class and many are starting their own businesses.

China is also facing an economic slowdown, but analysts don't expect a full-blown recession.

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