China has surpassed Japan in the second quarter of this fiscal year to become the world's second-largest economy, with only the United States ahead of it now.

The second quarter of 2010 saw China's gross domestic product standing at $1.34 trillion and Japan's at $1.29 trillion

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China's economy during the last three decades has transformed into a market-oriented economy with a booming private sector. The country now is a major player in the global economy. Forecasts suggest that China will surpass the United States as the world's biggest economy by, as early as, 2030.

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While the developed world is still struggling to come out of the economic crisis that hit it in late 2008, China's economy is forecast to expand about 10 per cent -- continuing its robust double-digit growth. China is the world's fastest-growing economy, averaging a blistering growth rate of around 10 per cent for the past 30 years!

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China surpassed the United States last year to become the world's largest market for passenger vehicles. China overtook Germany to become the world's biggest exporter, too.

Chinese players like BYD Auto are positioning themselves to be the leading players in the world in manufacturing hybrid and environment-friendly vehicles.

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By 2025, China will have 219 cities with more than one million inhabitants compared to 35 in Europe today. It will also 24 cities with more than five million people.

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China's manufacturing sector continues to grow with a booming consumer base in the country. China's manufacturing sector gained momentum in September, putting to rest fears that China may see a slowdown.

The country's Purchasing Managers Index rose to 53.8 in September from 51.7 in August, 2010.

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Industry and construction sectors account for 46.8 per cent of China's GDP. Around 8 per cent of the total manufacturing output in the world comes from China alone. China ranks third worldwide in industrial output.

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China's continues to attract more foreign direct investment. Foreign direct investment into the country stood at $7.66 billion for the month of October, a year-on-year increase of 7.86 per cent.

Foreign currency reserves rose by $3.3 billion to $233.1 billion in October a 14.5 per cent growth rate year-on-year.

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China is also the second largest trading nation in the world, the largest exporter and also the second largest importer of goods.

The country's foreign trade has grown faster than its GDP for the past 25 years. China's exports rose 25.1 per cent in September from a year earlier to $144.99 billion.

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Agriculture and industry form the backbone of the Chinese economy. The two sectors together employ more than 70 per cent of the labour force and produce more than 60 per cent of GDP. By contrast, agriculture accounts for only about 17 per cent of India's GDP although some 65 per cent of Indians depend on it as their main source of income.

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In 2009, the amount of infrastructure investment in China totaled 2 trillion yuan ($300 billion), a rise of 80 per cent compared to 2008.

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The investment in roads investment in 2009 amounted to 1 trillion yuan ($150 billion), an increase of 53 per cent compared to 2008.

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The waterways investment in China in 2009 was about 1.1 trillion yuan ($165 billion), up 12 per cent from 2008. The investment in the aviation sector in China stands at 60 billion yuan ($9 billion).

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In October, China unveiled the world's fastest bullet train, which will connect Shanghai and Hangzhou. The train covers 200 km in only 45 minutes.

The CRH380 bullet train has been recorded travelling at 420 km per hour. It will travel between the two cities at an average speed of 350 km per hour. China's network now stretches over 7,431 km.

The government plans to expand the high-speed rail network to over 16,000 km by 2020 from 7,431 km.

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The economic boom has been more fast paced in coastal provinces than in the interior regions of China.

The three wealthiest regions are along the southeast coast, centred on the Pearl River Delta; along the east coast, centred on the Lower Yangtze River; and near the Bohai Gulf, in the Beijing Tianjin Liaoning region.

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The 'West-to-East Electricity Transmission', the 'West-to-East Gas Transmission', and the 'South North Water Transfer Project' are the Chinese government's three key strategic projects, aimed at realigning overall economic development.

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Most of China's financial institutions are state-owned and 98 per cent of banking assets are state-owned.

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Shanghai Stock Exchange is the world's sixth largest stock market by market capitalisation at $2.4 trillion as of August 2010.

China is the largest creditor in the world and owns over 25 per cent of US Treasury Bonds.

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China is one of the world's largest producer and consumer of agricultural products. It is also the world's largest producer of rice.

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China is one of the world's most-watched and hottest outbound tourist markets. China is the world's fourth largest country for inbound tourism.