China is poised to take its place as the number 2 market for advertising.  eMarketer projects that the world's largest country will pass Japan in ad spending this year.  And then ad spending in China will continue to climb.  From the report:

Meanwhile, spending in China will increase by 14% in 2011, to $38.3 billion. The US will remain the world’s leading country in terms of total media ad spending, with a projected $157.4 billion in ad dollars this year.

“One key reason for Asia-Pacific’s growth in ad spending is that the region’s two most populous countries—India and China—also boast two of the world’s fastest-growing economies,” said Kris Oser, eMarketer director of strategic communications and author of the new report, “Worldwide Ad Spending: Online Drives Growth.” “In 2010, China surpassed Japan as the world’s second-biggest economy. And this year marks another major milestone for the country.”

Here is a look at eMarketer's projections for ad spending in Japan and China over the next 5 years:

The report raises a few interesting questions for us.  1) Why is online advertising still lagging in China?  and 2) What will the larger impact of increased ad spending in China be on global ad strategies?

Read China to Become the No. 2 Ad Market in the World here.