The Chinese economy is having a rough time. But comparisons with Japan are unfair - to Japan, say Bloomberg Opinion’s Gearoid Reidy and Daniel Moss.
has produced a slew of unflattering comparisons both with the United States, and with the China that was - the juggernaut that attracted as much envy as unease., one word is popping up more and more to describe the gloomy atmospherics: Japanification. The surface similarities with Japan of the early 1990s are there: A rickety real estate sector, a fast-ageing population and trade tensions with the US in a scrap for global dominance.
The word is often used as a pejorative, a shorthand for low growth, inflation and interest rates. But as the Nobel laureate Paul Krugman notes: “Japan, rather than being a cautionary tale, is a kind of role model.” The pork-barrel spending that was criticised by Western economists in the 1990s means the country’s infrastructure is sparkling. Crime is low; healthcare universal.Commentary: With shrinking population, China can no longer count on cheap labour and exports for growthRegardless of what policies it implements going forward, China would do well to emulate this soft landing.
Much is made of the party’s post-war dominance of the political system, but it needs to stay keenly attuned to the public mood - witness current Prime Minister Fumio Kishida’s current struggles with an unpopular identification card scheme. Can one-party, election-free China find the same pressure valves?
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