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WhyareAsianeconomiescompetitive?
5.Conclusions
21
ChineseandJapaneseeconomiesarebothcompetitive,althoughtherearecertain
differencesinthereasonswhytheyperformwellonthe"openmarket”conducting
atthesametimespecifictypeofprotectionistspolicies.Thearticleshowswhich
factorsdecideinthecaseofthetwoeconomiesabouttheircompetitiveness.It
indicatessomecommonelementsinthisarea(likemanufacturingspecializationand
highefficiencyinthisfield)orloweffectivenessandcompetitivenessofbanking
systemsandremainingservicesfunctioningonthetwomarkets.Atthesametime,it
alsopointsatsomedifferencesamongthetwomarkets(likesourcestofinance
developmentofmanufacturing,differentlevelsofdevelopment).Crucialfindingof
thisarticlecanbeascribedtostimulationofcompetitivenessofthetwoeconomies
resultedfromlowvalueofthedollarexchangerate,whichmakesremaining
currencieslessvaluedincomparisontotheUSdollar,whentheydonotappreciate
accordinglytothelossvalueoftheircentralcurrencybenchmark.
Botheconomieshavebigreservesofcompletionenhancers,whichcanbeusedto
createtheircompetitivenesspotentials.InJapanthoseenhancersembraceefficiency
measuresinservicesandactionstoconsolidatethebudgetandreducethepublic
debt.Theeconomyshouldworkmoreonincreasingcompetitivenessinservicesand
theireffectiveness.InChina,whichrepresentsalowerlevelofdevelopmentthan
Japan,thereservesaremuchgreater,whichmeansthattheperiodoftheirexploitation
willbelonger.Bothstateshavetostimulatetheireconomieswisely,usingthehints
fromexperiencederivingfromothereconomies.Inbothcasestheeconomiesseem
tobeprotectivetowardsexternalrelations,whichconcernstradeingoodsand
servicesaswellasFDIflows.Bothoftheeconomies(thesameastheGerman
economy)enjoyasurplusingoodsturnover,whichisconfrontedwithadeficitin
servicesturnover.Servicesinbothoftheeconomiesarenotonlysupplieddomestically
inlimitedquantitiesbutalsotheimportsarelimitedandtheydonotstimulate
competitionoftheservicemarket.
References
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China’sProductivityPerformanceandItsImpactonPovertyinTransitionPeriod,2003,Background
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DekleR.,FukaoK.,TheJapan-USExchangeRateProductivity,andCompetitivenessofJapaneseIn-
dustries,InstituteofEconomicResearch,HitotsubashiUniversity,GlobalCOEHi-StatDiscussion
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DoesitmatterifChinacatchesuptotheUS?,http://www.businessweek.com/magazine/content/04_49/
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