The foreign media are abuzz with the news that China may soon surpass Japan to become the second largest economy in the world.

The source of this excitement is a recent remark by Yi Gang, deputy governor of China's central bank, who said our economy has already overtaken that of Japan's, based on GDP in the second quarter of this year.

This is another milestone in China's economic ascent over the past 30 years. There is really no reason for China to celebrate, however. GDP alone does not give a full picture of the Chinese economy or its place in the world.