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China’s Economy Tops Japan: Are You Worried?

Fueled by three decades of economic reform, years of double-digit growth and its undisputed position as the world’s factory, China’s remarkable rise is one of the greatest accomplishments in economic history.

…This is a huge opportunity for Japanese companies, Takashi Shiono, an economist at Credit Suisse told Blair.

That said, the deeper story here may be not Chinese economic strength, but rather, its weakness. And that’s where our tale potentially turns dark.

That’s because there is no guarantee that China’s current economic model is sustainable. China grew so quickly over the past three decades by throwing masses of relatively cheap labor into thousands of coastal factories, driving GDP higher and boosting the living standards of millions of formerly rural and migrant workers.

But the model is showing some strain. For one, factory workers across China have grown increasingly uneasy. Demands for higher wages and better working conditions sparked significant labor unrest earlier this year, with disputes hitting a number of high profile factories, including Honda and Apple supplier Foxconn.

And let’s not forget that, for all the excitement, China remains a very poor country. Its GDP per capita is about…

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China’s Economy Tops Japan: Are You Worried?

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Japan apologises to South Korea for imperialist past

Japan apologises to South Korea for colonising the peninsula and promises to return cultural relics.

…”Through the colonial rule that was against their will… the people of Korea were deprived of their nation and culture and their ethnic pride was deeply hurt,” Mr Kan said.
He said Japan wants to further improve relations with South Korea, which have often been overshadowed by the countries’ shared history.
The statement was issued to coincide with the centenary of Japan’s annexation of the Korean peninsular, and 15 August, when South Koreans will mark their liberation in 1945.
The BBC’s Roland Buerk in Tokyo says that during Japan’s rule, Koreans were forced to fight on the frontline, or work as slaves or in brothels set up by the military.
Successive Japanese prime ministers since 1995 have apologised for the country’s imperial aggression.
But some conservative politicians in Japan have refused to acknowledge atrocities took place, our correspondent says.
‘Unfortunate past’
In a separate gesture, Japan’s Defence Minister Toshimi Kitazawa has announced that he will not be going to Tokyo’s…

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Japan apologises to South Korea for imperialist past

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