Theoretical and Applied Economics (Jun 2019)
The role of Japan in the development of emerging markets in Asia. Key lessons learned for China
Abstract
Japan and China are two countries whose development strategies have led to high rates of economic growth. Japan managed to reinvent itself quickly after the Second World War, while China started to promote some of the principles of the market economy as late as the 1980s. Japan has already experienced a long period of economic slowdown and slump starting at the end of the previous century, while China is still growing at a face pace, although growth rates have been more subdued in the last few years. Nevertheless, both countries show signs of significant disbalance which may have a negative impact on their future development. Even though the two developmental models are far from being identical, there might be some similar trends. Our paper details the features of the Eurasian developmental models, particularly that of China and Japan, in order to provide a possible explanation for the significant growth rates experienced by the two countries, as well as to identify potential future growth trends.
