China’s economy hasn’t overtaken Japan’s – at least, not in a way that matters [Daniel Knowles]

From the Telegraph:
Even with Tesco, China is still a poor country

Type “China overtakes Japan” into Google and look at the first two results. They’re both from the Guardian, and they both have exactly the same headline: “China overtakes Japan as world’s second-largest economy”. Except that while one is dated from today, the other one is from August 16 last year.

This is not necessarily a mistake by the Guardian – nor is it the only publication to have made it. GDP statistics are notoriously inaccurate, and early estimates are prone to huge revisions later (as George Osborne will be hoping). China’s economy could easily “overtake” Japan’s several times as the data change. China’s rise is not an event that can be reported on the day it happens; it is something that takes years. The Guardian can be forgiven for using today’s figures as an excuse to report it. [READ THE REST]



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