Chinese medicine to stem a Japanese-style crisis

A spike in Chinese banks’ non-performing loans bears a striking resemblance to Japan's banking system before it crashed, but a new report shows how Beijing is better-placed to deal with any potential crisis.

In the 1980s, Japan was widely seen as being on the cusp of overtaking the United States to become the most powerful economy in the world. Ezra Vogel, a well-known Asia scholar from Harvard University, wrote a best-selling book called Japan as Number One: Lessons for America.


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