China still a developing nation

It will take years before the populous nation industrializes its vast rural areas and efficiently makes use of energy resources

China's gross domestic product (GDP) touched $4,909 billion last year, according to the country's National Bureau of Statistics. Yet, it is still $160 billion less than Japan's $5,073 billion, as indicated by data from Tokyo.

Given its marvelous economic growth in the past few years, the $160 billion gap will soon be plugged by the world's third largest economy. China is expected to overtake Japan as the world's second largest economy this year if it manages to carry forward its past momentum.