China now ranked as second biggest economy

China’s economy was estimated to be worth $5.8 trillion (£3.62 tn) in 2010, outperforming the previously second-ranked Japan, at $5.474 trillion (£3.41 tn).

The main drivers of China’s growth have been manufacturing and exports. The Chinese government is keen to see a better balance of trade and to see a boost in domestic demand.

Millward Brown recently unveiled a list of the Top 50 most valuable Chinese brands that saw China Mobile take the top spot. See the list here.

Marketing Week columnist Mark Ritson has also examined what strategy Western brands should adopt in China. Read his column here.