Comparing the China of today with the Japan of the 1990s won’t help fix the Chinese economy’s problems.
China's Premier Li Qiang delivers a speech during the opening ceremony of the China Development Forum at the Diaoyutai Guesthouse in Beijing, March 23, 2025. Credit: Adek Berry/Pool Photo via AP Images
One of the most popular frameworks for thinking about China’s economy today is the experience of Japan in the 1990s. The attraction is understandable. Property market activity in China has collapsed, prices across the economy are falling, and interest rates have dropped to record lows. All were features of Japan’s long malaise. But as much as China’s economy faces problems, it is unlikely that “Japanification” is one of them.
An excerpt from Bank of Japan Governor Kazuo Ueda's intro
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