China has overtaken Japan as the second largest economy in the world, second only to the United States. Figures released recently by the Chinese government showed that the country’s economy was valued at USD1.33 trillion in the second quarter of 2010, The New York Times says. Japan economy was valued at approximately USD1.28 trillion in the same time period. Experts note that this development underscores the country’s growing clout. Some predict that China will overtake the U.S. by as early as 2030.

    The country observed a day of mourning on Aug. 15 for the more than 1,200 landslide victims in Zhouqu, a remote town in northwestern China. The government says some 496 people are still missing. The town is still mostly underwater, which has sparked concerns as state weather forecasters predict there will be moderate to heavy rains from Aug.17 through Aug. 19, Agence France-Presse reports.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.