The Global Impact of Chinese and Japanese Economic Growth
Three decades ago, Japan was growing so quickly that some exuberant analysts predicted it would overtake the United States, while China’s economy was small, largely closed, and only beginning to gain economic importance on the global stage. As Japan contributed a remarkable 16 percent to global GDP growth from 1960-1990, China added a mere 2 percent. Much has changed. China has overtaken Japan as the world’s second largest economy, accounting for 16 percent of global GDP in 2015 (see Figure 1).