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WhyareAsianeconomiescompetitive?
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servicesintheirGDPaswellasdeficitontheircurrentaccountinserviceturnover.
Nevertheless,thisdeficitiseasilycoveredbycreatingsurplusofthecurrentaccount
turnoverofgoods.1ChinesecurrencyreservesareestimatedatUSD3.045bn,2while
JapanesecurrencyreservesareestimatedatUSD1.136bn.3
Whatisthemaindifferencebetweenthetwoeconomies?Asitwasmentioned,
Japanisatthehighest,thirdlevelofdevelopment,atwhichfurtherdevelopment
(rateofgrowth)isdefinedmainlybyinnovativeness,andtoaminorextentby
availabilityoftheproductionfactorsorgrowthofeffectiveness.Thefirststageof
developmentisdeterminedbybasicrequirements,whichembrace:institutions,
infrastructure,macroeconomicenvironment,health,andprimaryeducation.The
salariesatthisstageofdevelopmentarebelowUSD2000.Basicrequirementsplay
animportantroleinincreasingrateofgrowth,theirweightisaround60%,while
40%isascribedtoefficiencydrivenfactorsand20%toinnovationdrivenones.Both
oftheanalyzedeconomieshavesurpassedthatstageofgrowth.
Atthesecondstageofgrowth,drivenbyefficiency,anincreasingroleisplayed
byfactorswhichhaveimpactonthelevelofproductivity.Inpractice,thisincreases
theroleofhighereducationandtraining,goodsmarketefficiency,labormarket
efficiency,financemarketdevelopment,technologicalreadiness,marketsize.The
sizeofthemarketisnotlimitedtonationalbordersbuttomarketsaccessibleby
producersandexportersaswellasimporterslocatedontheparticularmarket.Inthis
stageofdevelopment35%oftheweightindynamicsofdevelopmentisascribedto
availabilityoftheproductionfactors,while50%isresultedbyefficiencyenhancers
andstill50%toinnovativeness.Thisstageofdevelopmentisachievedaftera
transitionalperiodbetweenstageoneandtwo.Atthetransitionalstagethewagesare
growingincomparisontothefirststageandareestimatedatUSD2000-3000.Atthe
secondstagetheyincreaseevenmoreandareestimatedbetweenUSD3000-9000.
Withconsecutivestagesofdevelopmentnotonlythelevelofincomesgrowsbutalso
therangeofincomesincreases.Chinaisatthislevelofdevelopment.Thediscrepancies
arerelativelywidehere,especiallybetweentheeasternandwesternpartofthe
country.TheWesternparthastocatchupwiththeeasterncostwhichrepresents
relativelyhigherlevelofdevelopment.Thesecondandthirdstageofdevelopment
arelinkedbyatransitionalstagefromphase2ndto3rd.Wagesinthistransitional
periodgrowfurtherandspreadbetweenUSD9000-17000.
Japanisatthehigheststageofdevelopment,atwhichgrowthisdeterminedby
innovationandsophisticationfactors.Theweightofavailabilityoffactorsingrowth
1Economicandfinancialindicators,TheEconomist,16April2011.p.94;JETRO’sofficial
website,http://www.tradingeconomics.com/japan/trade-in-services-percent-of-gdp-wb-data.html(date
ofaccess:23.04.2011).
2Gold&ForeignExchangeReserves,People’sBankofChina,http://www.pbc.gov.cn/publish/
html/2011s09.htm(dateofaccess:13.05.2011).
3InternationalReserves/ForeignCurrencyLiquidity,TheMinistryofFinanceofJapan,http://
www.mof.go.jp/english/international_policy/reference/official_reserve_assets/index.htm(dateofaccess:
30.03.2011).
