China and Japan: A Comparison that Falls Flat

(Caixin Online) At first glance, China's current economic situation looks remarkably similar to Japan's in the late 1980s and early '90s. As Japan in the past, China now faces mounting pressure to let its currency appreciate at a time when real estate prices are soaring.

But will China see a prolonged economic crisis similar to Japan's "lost decade?" Personally, I think such a scenario can be avoided. I think timely and accurate reform adjustments can keep China from stumbling in Japan's footsteps.