If anyone calls China an emerging economy, giving it special status via the WTO, they are nuts.

China is now about to overtake Japan as the second largest economy, behind only the U.S. and catching up fast.

China raised its 2008 growth estimate to 9.6 percent from 9 percent and said this year’s quarterly figures will increase, narrowing the gap with Japan, the world’s second-biggest economy.

China raised its 2008 growth estimate to 9.6 percent from 9 percent and said this year’s quarterly figures will increase, narrowing the gap with Japan, the world’s second-biggest economy.

Meanwhile Japan's economy contracted 1.2%, India, another emerging economy expanded 6.7% and the United States is just dripping along.