The global economic landscape may see a milestone change this year, for China is widely regarded to replace Japan as the second largest economy in the next few months. But for that to happen China's economy has to grow by 6 to 8 percent, while Japan's has to contract further.

Last year, China's GDP was $4.22 trillion against Japan's $4.84 trillion. And even though China's GDP may overtake Japan's, the two economies have major quantitative and qualitative differences.

The first is the extent to which economic growth has benefited the peoples of the two countries. International Monetary Fund figures show Japan's GDP per capita purchasing power parity was $34,100 last year - 24th in the world - while China's was only $5,962 - 99th in the world.