China is expected to overtake Japan as the second-largest contributor to the general U.N. budget beginning in 2019, according to the global body's latest report on contributions.

According to the U.N. General Assembly report from the committee on contributions, released in June, China's payment is expected to rise to 10.808 percent while Japan's drops to 8.718 percent in the period from 2019 to 2021.

There are concerns China's rise may correspond with waning influence from Japan, fueling fears that reform-minded Tokyo's aspiration to become a new permanent member of the U.N. Security Council may fall out of reach.