China has overcome Japan to turn out to be the world's second-biggest economic system.

China's chief currency regulator Yi Gang stated that this attainment is the fruit of three decades of quick development, which has lifted hundreds of millions of people out of impoverishment.

Further Gang stated that hinging upon how fast its exchange rate increases, China is on track to overtaking the United States and vaulting into the top spot sometime around 2025.

This, he said, is according to estimations by the World Bank, Goldman Sachs and others.

China's per-capita income of around 3,800 dollars on an annual basis is a fraction of Japan's or America's.

When asked whether the time was ripe for the Yuan to become an international currency, Yi said, "China is still a developing country, and we should be wise enough to know ourselves."

China has averaged more than 9.5 percent growth annually since it embarked on market reforms in 1978. If it can keep up a clip of 5-6 percent a year in the 2020s, it will have maintained rapid growth for 50 years, which Yi said would be unprecedented in human history. (With Inputs from Agencies)