Japan and China do not always see eye to eye on politics. But when it comes to economic policy, Tokyo and Beijing have remarkably similar goals: Both want to push through far-reaching changes in their economies in the face of mounting debt and rapidly graying populations.
In China, the authorities are trying to steer the economy toward more domestic consumption and growth in the service sector. In Japan, the government of Prime Minister Shinzo Abe is trying to haul the economy out of years of deflation and lethargic growth.
To what extent each country succeeds will be of critical importance, not just to Asia, but to the world. China, with a gross domestic product of about $9 trillion last year, and Japan, with its $5 trillion economy, are the second- and third-largest economies in the world, after the United States. Much hinges on whether these economic powerhouses can succeed in their overhauls over the next few years.
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