China Must Double Down on Investing in Productivity

Otherwise, Japanization looms …


By: Xiaochen Su

Build we must

The 2021 bursting of the Chinese real estate bubble has generated a growing chorus of analyses comparing China’s economic trajectory today with Japan’s stagnation since the 1990s, many pointing to the similarities: persistent deflation driven by an oversupply of goods against reduced wages and consumer confidence, firms reduc…