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China can avoid 'Japanification' with prompt action

Focus should be on fallout from bursting of asset bubbles and falling population

| China
A Country Garden construction site in Tianjin on Aug.18: The impact of a bursting bubble will be significantly affected by how quickly policy authorities react.   © Reuters

Masaaki Shirakawa is a distinguished guest professor at Aoyama Gakuin University in Tokyo and a former governor of the Bank of Japan.

In recent months, many economists have talked about the possible "Japanification" of China's economy.

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