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islimitedto5%,efficiencydeterminesca10%ofgrowth,while30%ofthegrowth
isdrivenbyinnovation.Salariesatthisstageofdevelopmentreachtheirhighest
level,overpassingUSD17000.Thisphaseofdevelopmentisdrivenbybusiness
sophisticationandinnovations.
Differenceindevelopmentphasehaveanimpactontherateofgrowthinthetwo
economies:JapaneseandPRC.4Thefirstonehasreachedrelativelyhighpositionin
theproductivity,whichmeansthattherateofgrowthisdeterminedbytwoother
factors:efficiencyandinnovativeness.Thefirstofthestateshasreachedmuchhigher
levelofdevelopmentthanthePRC.Thiscanbeillustratedbythepresentedstatistics.
Japananditscompetitivenessaremainlybuiltuponsteadyandpermanentincreases
ofproductivityintheproductionsector,whilerelativelyandunexpectedlylowrates
ofgrowthofproductivityinservices.5Till1985theJapaneseYenwasundervalued,
butafterthatperioditwassignificantlyovervalued,whichbecameaproblemforthe
economyespeciallyafter1995.6TheanalysisofDekleandFukaoshowsthatthe
exchangeratebetweentheUSDandYencametoequilibriuminthemiddleofthe
firstdecadeofthetwentyfirstcentury,namelyinyears2003-2004.Thingshave
changeddramaticallyagainwiththefallofthevalueoftheUSDexchangerate.
InthecaseofChinathesituationisdifferent.Therateofgrowthinanemerging
economyisstimulatedstronglyinfirstphasesofdevelopmentbyincreasesofthe
productivityinthemanufacturingsector.Inthiseconomywecanfindthebest
practicalillustrationtotheBalassa-Samuelsoneffect,wherethevalueoftheexchange
rategoestrueaprocessofstrongappreciation,causedbyincreasesofproductivity.
Atthesametime,theChinesecurrencyexchangerateisstronglyundervalued.
ChineseeconomygrowsfasterthantheJapaneseeconomyasthestageofdevelopment
inJapanisstimulatedbyqualitychangesofthestructureoftheeconomyaswellas
qualitychangesintheproductionfactorsandtheiruse.InChinatheeconomicgrowth
isstillstronglystimulatedbyquantityfactors,whichcontinuouslyinthisstageof
developmentgiveshighratesofgrowth.7Thereplacementofquantitativeelements
ofgrowthstimulusbyqualitativeoneswillresultinloweringtherateofgrowthand
willbringtheeconomyinquestiontothesustainableconditionsofgrowth.8
ThereservesandpotentialtoincreasetheproductivityrateinthecaseofChinese
economyarerelativelybigincomparisonwithJapan.TheChineseeconomyis
makinguseofthesimpleproductivityreserves,whileJapanwithahigherstageof
4P.Krugman,ThemythofAsia’smiracle3,ForeignAffairs1994,Nov./Dec.
5R.Dekle,K.Fukao,TheJapan-USExchangeRateProductivity,andCompetitivenessofJapanese
Industries,InstituteofEconomicResearch,HitotsubashiUniversity,GlobalCOEHi-StatDiscussion
PaperSeriesNo08-047.
6Ibidem.
7J.Mauldin,Chinaproductivitymiracle,NewYorkTimes,17July2004.
8China’sProductivityPerformanceandItsImpactonPovertyinTransitionPeriod,2003,
BackgroundPaperpreparedfor2004WorldEmploymentReportofILO,byCenterfortheStudyof
LivingStandards,CSLS,Ottawa,Ontario2004.
