A big economic slump has started in China as predicted. The rest of the world has came to know about it through none other than Chinese President Xi Jinping and Prime Minister Li Keqiang.
They disclosed to the world a steep rise in short-term interest rates, falling exports and a slump in the nation's economic growth — undesirable facts and figures that those in power in Beijing would have concealed in the past.
This is because the Xi-Li leadership has realized that the Chinese economy is in such dire straits that any further deterioration would cause a serious global impact. How should the whole world, including Japan, respond to this alarm?
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