Question

Do you think that China's mixed-economy (state-owned and private enterprises) model has been more successful in the long run than Japan's Western-style capitalist model?

explain this in at least 1 paragraph

Answer 1

Yes . China's mixed economy has been more successful in the long run than Japan's Western style capitalist model. China has followed mixed economic structure with state owned and private enterprises. Since 1970s China has moved to market oriented economy with mixed economy.Reforms like collectivisation of agriculture, gradual liberailization of prices. fiscal decentralization ,increased autonomy of state , growth of private sector ,development of banking sector and stock market and opening to foreign trade with some restriction drives the China's economy to higher growth rate . Japan has following a western style capitalist model. Japan is a developed and advanced economy . The post Second World War Japan's economy were close interlocking structures of manufactures ,suppliers and distributors and the guarantee of lifetime employment for a major portion of urban labor forces eroded under the pressure of global competition and domestic demographic change GDP real growth rate of China estimated to be nearly 6.9% in 2017 .where as in Japan ,it was estimated to be only 1.7% in 2017 . The contribution of agriculture sector to China's GDP was nearly 7.9 % and 40.5 % of contribution by industrial sector. But the contribution of sector was about 51.6% in China in 2017. But in Japan contribution of agriculture to its GDP was nearly 1.1% and 30.1 % from industrial sector. But about 68.7 % GDP was the contribution of service sector in Japan. The revenue of Chinese government was estimated to be 2.553 trillion whereas Japan's revenue was nearly 1.714 trillion. Industrial production growth rate of China was about 6.1% and 1.4% was the industrial production growth rate in Japan in 2017. the exports of China were about $2.216 trillion in 2017 , but the exports of Japan were$688.9 billion.