Abstract
After the Second World War, Japan played a leading role in economic recovery and became the world’s second largest economic power. But in 1985, the Japanese entered the bubble economy. After the bubble burst in the early 1990s, Japan’s economy collapsed and fell into a “lost era.” Since then, Japan has not fully recovered. The lack of financial supervision bears an inescapable responsibility for the formation, development and bursting of Japan’s bubble economy. Japan should probably take comprehensive deepening reforms, especially supply-side structural reforms, as the main tasks of the current and next phases. China and Japan have a long history of economic cooperation and innovation cooperation with a good foundation. At present, some important changes have taken place in the global economic and technological conditions, which have had a trending influence on the economic innovation cooperation between China and Japan. The new technology revolution has greatly expanded the field of Sino-Japanese cooperation and innovated the cooperation method, and the prospect of win-win cooperation between the two sides will be even broader.
Highlights
In the 21st century, the economic growth rate and development model of China and Japan have aroused widespread concern
The Japanese government hoped to seize the opportunities of China's economic development. This strategy was in accord with China's strategy of accelerating the implementation of free trade, which promised the good development in free trade agreement as well as the regional economy between China and Japan, and will promote China's economic development at the same time
Some cities and regions in the south of the Yangtze River gradually had the germination of industry and capitalism, but the feudal system seriously hindered the development of modern commodity economy and the germination of modern capitalist economy
Summary
In the 21st century, the economic growth rate and development model of China and Japan have aroused widespread concern. China starts the unprecedented fastest economic development growth while Japan's economic development generally shows a continuous downward trend. After the founding of People's Republic of China, China adopted a highly centralized planned economic system which developed into socialist market economic system nowadays(Davis and Cowan, 1966). People’s private consumption declined to a certain extent, the government's receipts was relatively stable The combination of these two situations took a certain role in promoting the rapid development of the Japanese economy after World War II. The Japanese government hoped to seize the opportunities of China's economic development This strategy was in accord with China's strategy of accelerating the implementation of free trade, which promised the good development in free trade agreement as well as the regional economy between China and Japan, and will promote China's economic development at the same time
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