Last updated at: (Beijing Time) Monday, February 23, 2004
China not threat against Japan's economy: Report
Japan not only was not downed by China's development, on the contrary, it was China that saved Japan's economy, according to report by Singapore United Morning Post (Lianhe Zaobao) on Feb. 19.
Japan not only was not downed by China's development, on the contrary, it was China that saved Japan's economy, according to report by Singapore United Morning Post (Lianhe Zaobao) on Feb. 19.
When talking about the "China Threat" in a speech on Feb. 18, Kazumasa Iwata, vice president of Bank of Japan, noted: "China pushed Japan's economy," the report said.
"Previously we have always regarded China's cheap goods as a menace against Japan. However, after Japanese enterprises' active expansion in China, Japan's domestic economy also developed toward the good. "
With regard to the orientation of Japan's economy in the future, he said, there is increasing possibility for Japan to realize the goal for its bad debts to be cut by half by 2005. Japan's economy will also turn better this year, a turning point of the economic shrinking.
Japanese cabinet also released yesterday some economic statistics to show that Japan's economy has shown some clues of resurgence. Relevant figures show that in the fourth quarter of 2003, Japan's Gross Domestic Product (GDP) was 1.7 percent higher than the previous quarter, realizing a yearly growth rate of 7 percent.
Japan's economy maintained a steady growth for four consecutive quarters in 2003 to the highest growth rate after the 13-year economic recession since 1990.