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MONTH IN REVIEW


NEWS ROUNDUP, P10 GDP slips, the stock market dips and Lenovo grips No. 1


CHINA BY NUMBERS, P10 $1.2m: Prize money for China’s first Nobel in literature


SECOND THOUGHTS, P12 More Chinese are worried about the ills of economic development


BRIEFING


Turf versus trade China and Japan can’t afford a heated dispute amid their cooling economies


IMF and World Bank summit in Tokyo in protest of Japan’s recent purchase of disputed islands in the East China Sea. Zhou, the scheduled keynote speaker, dispatched a deputy to deliver his speech instead. Te snub of top-level negotiations


I 8


illustrated the cost of China’s escalating tensions with Japan. Japan reignited a long-standing territorial dispute in Sep- tember when it bought an island chain, known as the Senkaku in Japanese and


China Economic Review • November 2012


n early October, China’s top banks and central bank governor Zhou Xia- ochuan pulled out of a high-profile


the Diaoyu in Chinese, from its private Japanese owner. Tousands of mainland- ers have since taken to the streets in pro- test, vandalizing Japanese businesses and even brutally beating a Chinese man for driving a Toyota.


Old habits die hard


Japan and China have only fueled the fire with a public blame game. At a meeting of the UN General Assembly in September, China blasted Japan for the “illegal and invalid” island purchase and its “obsolete colonial mind-set.” Tat prompted Japa- nese Prime Minister Yoshihiko Noda


to aver Japan’s “unwavering resolve to defend its territorial lands and waters.” Te economic toll of a major dis-


pute between the world’s second- and third-largest economies could be as dire as its political consequences. Mass boy- cotts continue to hurt Nissan and Toyota, which reported their worst Chinese sales since 2008. In September, China Eastern Airlines saw international sales drop 18% from the previous month, while Japan’s two largest airlines reported cancella- tions on some 60,000 tickets for flights between September and November. Analysts warn a prolonged dis-


CREDIT: Al Jazeera English


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