navigating economic downturns

for Chinese authorities. Some industry analysts suggest that China could draw valuable lessons from Japan’s experience since 1990 in navigating economic downturns while maintaining social stability. The “Lost Decades (1989–2019)” of Japan’s economy has become a well-known fact in the global economic narrative. According to the country’s Ministry of Health, Labour and Welfare (MHLW)’s survey on wage structure, the average annual income of Japanese workers in 1990 was approximately JPY 4.63 million, but by 2018 it had decreased to just JPY 4.33 million. Nominal wages stagnated, and real income steadily declined in the face of rising prices. Meanwhile, the lifetime employment system gradually eroded, and the proportion หนังใหม่2025