An Analysis of Japan’s Economic Development: Lessons for China
DOI:
https://doi.org/10.33423/jabe.v27i1.7525Keywords:
business, economics, Japan economy, China economy, productivity, economic structure, labor rateAbstract
Japan has played an important role in the global economy for several decades. This study comprehensively analyzes factors contributing to Japan’s economic development using World Bank data and both expenditure and value-added approaches of gross domestic product measurement. Personal consumption and investment contributed the most to Japan’s economic growth in the expenditure model, while the labor rate and service industry productivity were the most important in the value-added model. Further, this study examines changes in these economic factors to explore their impact on Japan’s economy. Finally, this paper discusses lessons for China based on Japan’s experiences.
References
Akram, T. (2019). The Japanese Economy: Stagnation, Recovery, and Challenges. Journal of Economic Issues, 53(2), 403–410. https://doi.org/10.1080/00213624.2019.1594523
Baek, S. (2005). Does China Follow “The East Asian Development Model”? Journal of Contemporary Asia, 35(4), 485–498. https://doi.org/10.1080/00472330580000281
Beckley, M., Horiuchi, Y., & Miller, J.M. (2018). America’s Role in the Making of Japan’s Economic Miracle. Journal of East Asian Studies, 18(1), 1–21. https://doi.org/10.1017/jea.2017.24.
Bery, S. (2011). India, China and Asian Economic Integration. East Asia Forum Quarterly, 3(3), 8–10. https://doi.org/10.59425/eabc.1314568855
Boltho, A., & Corbett, J. (2000). The Assessment: Japan’s Stagnation-Can Policy Revive the Economy? Oxford Review of Economic Policy, 16(2), 1–17. https://doi.org/10.1093/oxrep/16.2.1
Chen, Y. (2015). China’s Path to Sustainable, Stable and Rapid Economic Development: From the Largest to the Strongest Manufacturing Country. Journal of World Economic Research, 4(5–1), 8–19. https://doi.org/10.11648/j.jwer.s.2015040501.12
Chen, Y. (2016a). International Comparisons of Service Industry-What China Can Learn from Other Countries? Journal of Advances in Economics and Finance, 1(1), 53–71. https://doi.org/10.22606/jaef.2016.11005
Chen, Y. (2016b). International Comparisons of Agriculture Industry-What China Can Learn from Others? International Journal of Agricultural Economics, 1(2), 45–56. https://doi.org/10.22606/jaef.2016.11005
Chen, Y., Yu, L., Pu, C., & Lin, L. (2017). The Productivity, Economic Structure and Middle-income Trap—Can China Avoid this Trap? Journal of Applied Business and Economics, 19(11–12), 78–104.
Chen, Y. (2019). The Business Cycle and Economic Crisis—When will China Experience Them? Journal of Advances in Economics and Finance, 4(2), 60–78. https://doi.org/10.22606/jaef.2019.42003
Chen, Y., Li, X., Pu, C., & Lin, L. (2019). The Relationship of the Manufacturing Growth with the Financial Industry and Real Estate Industry. Journal of Business and Economic Policy, 6(2), 38–47. https://doi.org/10.30845/jbep.v6n2a4
Chen, Y., Li, X., & Lin, L. (2021). The Successful Development of Urbanization and Urban Agglomerations. International Journal of Business and Economics, 6(2), 38–51. https://doi.org/10.5281/zenodo.5565425
Chen, Y. (2022). The Review and Analysis of Inflation and its Effects: Will Current High Inflation Lead to an Economic Crisis? Journal of Business & Economic Policy, 9(2), 1–22. https://doi.org/10.30845/jbep.v9n2p1
Chen, Y., Li, X., & Pu, C. (2022). China’s Economic Prospects: Can China Achieve Stable and High Economic Growth in Coming Decades? Journal of Global Economics and Business, 3(11), 1–34. https://doi.org/10.31039/jgeb.v3i11.55
Chen, Y., & Qiao, N. (2022). An Analysis of China’s Economic Growth: The Effects of the WTO and the RCEP. International Journal of Business and Economics, 7(2), 17–35. https://doi.org/10.5281/zenodo.7125812
Fukao, K., & Yuan, T. (2016). China’s Growth Slowdown: Lessons from Japan’s experience and the Expected Impact on Japan, the USA and Germany. China & World Economy, 24(5), 122–146. https://doi.org/10.1111/cwe.12177
Guo, L., & Yakura, S. (2009). The Cross Holding of Company Shares: A Preliminary Legal Study of Japan and China. Frontiers of Law in China, 4, 507–522. https://doi.org/10.1007/s11463-009-0027-y
Ihori, T., & Nakamoto, A. (2005). Japan’s fiscal policy and fiscal reconstruction. International Economics and Economic Policy, 2, 153–172. https://doi.org/10.1007/s10368-005-0031-3
İmrohoroğlu, S., Kitao, S., & Yamada, T. (2017). Can Guest Workers Solve Japan’s Fiscal Problems? Economic Inquiry, 55(3), 1287–1307. https://doi.org/10.1111/ecin.12439.
Koo, R.C. (2001). The Japanese Economy in Balance Sheet Recession. Business Economics, 36(2), 15–23.
Lee, K. (1993). New East Asian Economic Development: Interacting Capitalism and Socialism. M.E. Sharpe.
Lee, J., & McKibbin, W.J. (2018). Service Sector Productivity and Economic Growth in Asia. Economic Modelling, 74, 247–263. https://doi.org/10.1016/j.econmod.2018.05.018
Leitner, P.M. (1999). Japan’s Post-War Economic Success: Deming, Quality, and Contextual Realities. Journal of Management History, 5(8), 489–505. https://doi.org/10.1108/13552529910290539.
Murach, M., & Wagner, H. (2017). How Severe Will the Growth Slowdown in China Caused by the Structural Change Be-An Evaluation Based on Experiences from Japan and South Korea. Journal of Chinese Economic and Business Studies, 15(3), 269–287. https://doi.org/10.1080/14765284.2017.1346930
Pasierbiak, P. (2013). The Technological Leadership of the Japanese Economy. Acta Asiatica Varsoviensia, 26, 43–61.
Phan, A.C., Abdallah, A.B., & Matsui, Y. (2011). Quality Management Practices and Competitive Performance: Empirical Evidence from Japanese Manufacturing Companies. International Journal of Production Economics, 133(2), 518–529. https://doi.org/10.1016/j.ijpe.2011.01.024
Qiao, N., & Chen, Y. (2024). Productivity, Economic Structure, and Labor Rate: A Valued-added Analysis of China’s Economy. Working paper. California State University, Los Angeles and University of the West, Los Angeles, CA.
Saito, T. (1999). The Japanese Economy and Industry Face Structural Reform in the Run up to the 21st Century. Strategic Change, 8(1), 3–10. https://doi.org/10.1002/(SICI)1099-1697(199901/02)8:1%3C3::AID-JSC425%3E3.0.CO;2-%23
Thorbecke, W. (2023). US Trade Imbalances, East Asian Exchange Rates, and a New Plaza Accord. Asia and the Global Economy, 3(1), 100054. https://doi.org/10.1016/j.aglobe.2023.100054
Urata, S. (2020). US–Japan Trade Frictions: The Past, the Present, and Implications for the US–China Trade War. Asian Economic Policy Review, 15(1), 141–159. https://doi.org/10.1111/aepr.12279.
Wangping, Y., & Xiaolu, L. (2018). Study on the Interaction between China and Japan’s Economy Based on FDI, Import and Export Trade. Studies in Business and Economics, 13(1), 194–208. https://doi.org/10.2478/sbe-2018-0015
Weede, E. (2004). Comparative Economic Development in China and Japan. Japanese Journal of Political Science, 5(1), 69–90. https://doi.org/10.1017/s146810990400132x
Wevers, M. (1998). Japan: The Troubled Giant. New Zealand International Review, 23(3), 21–25.
Yoshino, N., & Taghizadeh‐Hesary, F. (2016). Causes and Remedies of the Japan’s Long‐Lasting Recession: Lessons for China. China & World Economy, 24(2), 23–47. https://doi.org/10.1111/cwe.12149
