Quality time for development

China should learn from Japanese economy in many fields and transform its industries with technological advances

China's double-digital economic growth over the past years has helped it replace Japan as the world's second largest economy.

In terms of gross domestic product (GDP) China exceeded Japan from the second quarter of 2010 and its full-year GDP was more than 39 trillion yuan ($5.93 trillion), as indicated by statistics from the National Bureau of Statistics. That means China now has the second largest global economic status that Japan held for four decades. China's percentage of the global economy also increased from 1.8 percent in 1978 to 8.5 percent in 2009.