Economic malaise in several key areas has led to continued debate over whether China will follow Japan into years-long economic stagnation.
Asia's two largest economies, China and Japan, present contrasting narratives heading into second quarter of 2024.China overtook Japan as the world's second-largest economy in 2010. Now, Beijing grapples with some of the same economic headwinds as Tokyo in the late 1980s, leading to what has become known as Japan's 'lost decades.' This has sparked ongoing debate over whether China is set to follow its neighbor into long-term economic decline.
Chinese economists and demographers have pointed to the rapidly aging workforce, coupled with its plummeting birth rate, as calls to action to avert a Japan-style slide into stagnation.'Japanification' hinges on whether China will mirror Japan's experience of economic stagnation seen in the 1990s after its asset bubble burst in the 1980s.
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