If imitation really is the greatest form of flattery, Shinzo Abe should be thrilled the Chinese are copying his "Abenomics" strategy to excite investors. The rest of the world shouldn't be. China isn't cribbing the prime minister's actual blueprint, but his formula of spin and hype that has convinced the world something that doesn't yet exist is real. The key to a great ad campaign is attracting customers and keeping them, something Abe has done with a brilliance that could teach the Edelman public relations firm a thing or two.

Abe's campaign has gone as follows. Introduce a three-part revival plan. Then, roll out the first two segments, the easy ones, right away with great fanfare and to spectacular effect. Abe's huge monetary and fiscal stimulus did just that, driving equities higher and foreign investors wild. Finally, use that euphoria as a smoke screen to delay the third part, the really hard one that involves controversial steps to deregulate the economy.

Eyeing the Nikkei 225 Stock Average's 38 percent surge this year, it's easy to forget that Abe hasn't implemented a single structural change. Ten months into his term, has Abe lowered any trade barriers? No. Loosened labor markets? Nope. Increased female labor participation? Hardly. Encouraged private investment, improved corporate governance, liberalized energy markets or tweaked taxes to empower entrepreneurship? Sadly not.