Japan is hoping that its economic future will be shored up by China, which has already passed the US as its biggest trading partner.

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In six key fields—telecom, microchips, software, biopharmaceuticals, medical devices, and clean energy—Israel has ranked second only to the US in technological innovation.

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According to regulatory filings, bond-rating reports and press releases of government-bank cooperative agreements, local investment entities' borrowing in China between 2004 and the end of 2009 totals some $1.6 trillion. Ergo, the size of local debt is roughly one-third of China's 2009 GDP and 70% of its foreign-exchange reserves.

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