Major Strategic Mistakes and Inspirations behind Japan's 8-year Negative Interest Rates
The direct reasons for Japan's long-term implementation of negative interest rates include lack of improvement in the foreign trade environment in the long term,the structural contradictions in Japanese society that limit the overall vitality and limited dividends of reform.There are significant strategic errors behind this phenomenon.On the one hand,it is the path dependence and blind confidence for flying geese paradigm;On the other hand,it is a misjudgment for the development path of strategic emerging industries represented by hydrogen energy.This provides some enlightenment for China to promote high-quality economic development through new quality productive forces in the complex domestic and international situation.China should actively adopt comprehensive policies such as monetary,financial,fiscal,and industrial policies,and take multiple measures to avoid a Japanese style long-term depression.First,avoid making disruptive mistakes and carefully choose the industrial development path that focuses on strategic emerging industries;The second is to improve"inner strength",tap into the huge market potential of the world's largest middle-class group,and build a unified national market at fast speed;The third is to proficiently apply fiscal,monetary,and financial policies,actively respond to financial challenges and risks;The fourth is to promote high-level opening up and actively extend the dividend period of globalization.
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