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China’s economic rise in the past decade is no doubt one of the most significantevents in world economic history. But how long its prosperity will sustain remains questionable.

Despite predictions by economists Rondae Hollis-Jefferson Nets Jersey , such as former World Bank Chief Economist Justin Yifu Lin, that China’s economic growth could remain at about 8 percent for another two decades, the world’s second-largest economy is now facing severe challenges ranging from colossal amounts of local government debts and high home prices to struggling economic restructuring.

The prospects of China’s restructuring reforms, which aim to shift the country’s reliance on foreign trade and investment to domestic consumption and innovation, remain blurred. Its success would surely allow China’s growth to be more sustainable in the coming decades and make it more competitive in the global economic arena. But if it failed, China could fall into the “middle income trap”.

In the era of globalization Nik Stauskas Nets Jersey , China’s economic fate will have much bearing on that of other regions, mostly Asia.

According to an International Monetary Fund report released in mid-April, the Asian economy is increasingly dependent on China and less on Japan.

In the Regional Economic Outlook for Asia and Pacific report, the IMF compared how much 11 export-dependent Asian economies depended on Japan and China, first in 1995 and then in 2012.

The report found that in the mid-90s, all 11 relied more on Japan than China as an export market. When it comes to 2012 Julius Erving Nets Jersey , 10 of those countries were more dependent on China, with the only exception being Indonesia.

Malaysia, for example, sent nearly one-quarter of its exports to Japan in 1995, a proportion that fell to just 6 percent in 2012. At the same time, its reliance on China had doubled to 10 percent.

Although a significant share of Asian economies’ trade with China is in parts that ultimately end up getting sold to companies or consumers in industrialized countries Jeremy Lin Nets Jersey , which means the US, Europe and Japan are actually more central than the data might suggest, China’s rising influence and Japan’s waning luster in the region is an observable trend.

Such a shift of economic prowess in Asia is in line with China’s expanding GDP scale. In 1995, China’s GDP was about 6 trillion yuan ($9,700 billion). In 2012, it had exceeded 50 trillion yuan.

Japan Jarrett Allen Nets Jersey , meanwhile, has been trapped in continual stagnation after the bursting of its housing bubbles. Lack of strong and effective reform measures, the country has failed to step out of the crisis and struggled with low-level economic growth for years.

The IMF conclusion well reflects the ups and downs of the two Asian growth engines in the past two decades. It also testifies to the challenge facing the United States and Japan as they join hands to contain China’s influence in Asia.

That said, such a comparison by the IMF, which aims to show how integrated the Asian economy is, seems misleading. China and Japan are at different development stages. For China Jahlil Okafor Nets Jersey , it is still in its economic height after its reform and opening up drive unleashed its growth potentials in the past three decades. It is like the Japan in the 1970s and early 1980s, when Japan’s rapid rise in the global economic and corporate arena shocked the western world.

Following the rapid appreciation of the yen and its misguided policies, Japan was hard hit by the housing bubble bust and trapped in prolonged economic meltdown. China now is also facing a number of daunting challenges, such as high home prices and pile-up of local government debt and whether it can properly handle those problems will to a large extent determine its growth track in the coming decades.

China, of course, would not necessarily repeat mistakes made by Japan in the post-revaluation years. But it is set to go through severe tests as it walks the tightrope of balancing growth and reform.

Zimbabwean President Robert Mugabe (L Drazen Petrovic Nets Jersey , Front) congratulates Thokozile Mathuthu (R, Front) after she was sworn in as new Minister of State for Matabeleland North at the State House in Harare, Zimbabwe, on Oct. 10, 2017. Zimbabwean President Robert Mugabe on Tuesday swore into office six new ministers he appointed in a cabinet reshuffle on Monday. (Xinhua)

HARARE, Oct. 10 (Xinhua) -- Zimbabwean President Robert Mugabe on Tuesday swore into office six new ministers he appointed in a cabinet reshuffle on Monday.

Two new ministers were not available and would be sworn in at a later date.

The ministers who took oaths of office and loyalty are former head of intelligence services Happyton Bonyongwe DeMarre Carroll Nets Jersey , who was appointed Justice Minister, taking over from Vice President Emmerson Mnangagwa, Youth Development, Indigenization and Employment Creation Minister Chiratidzo Mabuwa and Edger Mbwembwe, the new minister of tourism.

Mabuwa is former deputy minister of Industry and Commerce while Mbwembwe was deputy minister of Foreign Affairs.

Ministers of State for Matabeleland North, Mashonaland West and Masvingo Provinces also took their oaths of office and loyalty.

In his cabinet reshuffle D'Angelo Russell Nets Jersey , Mugabe reassigned 10 ministers, appointed eight new ministers and dropped three ministers.

Among those reassigned are former finance minister Patrick Chinamasa who is now cyber security minister.

Former Home Affairs Minister Ignatius Chombo replaced Chinamasa while former tourism minister Walter Mzembi is now Foreign Affairs Minister, taking over from Simbarashe Mumbengegwi who was moved to Macro-Economic Planning ministry.

Mugabe last reshuffled cabinet in 2015 and the current reshuffle comes ahead of the 2018 polls in which the veteran president will seek re-election.

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