Can China learn lessons from Japan’s ‘lost 30 years’?

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China and Japan have ended up on very similar economic trajectories, since both countries emerged from relative obscurity to become major powerhouses through aggressive reforms and investments. In the process, the nations each have accumulated huge amounts of debt and asset bubbles. In the 1990s, the situation became unsustainable in Japan and the nation entered a period known as the “lost 30 years” characterised by economic stagnation, weak consumer demand and lower birth rate. China, after experiencing four decades of rapid economic growth since its reform and opening up, has recently started to show symptoms similar to what was seen in Japan. China’s economic woes, including a high level of debt, an underperforming housing market and a rapidly ageing society, have many economists asking whether China is about to become “another Japan”?

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