Lessons from Japan's 'Lost Decades': Development trajectories of China and Japan
China DailyEditor's note: The ongoing discussions about Japan's "Lost Decades," a period of prolonged economic stagnation spanning 30 years, have sparked debates on whether Japan indeed lost momentum for three decades, the reasons behind it, and the potential takeaways for China. On the other hand, the "different" aspects referred to China's dependence on the global supply chain, while Japan excelled with a comprehensive industrial chain. This book utilized the revolution in mechanical electronics, the rapid advancement of the electronics industry, modular production methods, and the global supply chain to explain China's rapid economic growth. China's three 30 years versus Japan's two 30 years In 2010, Mr. Yang Weimin and I co-authored a book titled "The Third Thirty Years: A New Direction for China," which divided China's development from 1949 to 2009 into two thirty-year periods, and looked ahead to the third thirty years starting in 2010. Zooming out on the timeline to the pre-Opium War era of 1800, China commanded an impressive 33% share of the global economy, while Japan's share was a modest 3.6%.
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