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Japan is hoping that its economic future will be shored up by China, which has already passed the US as its biggest trading partner.
In six key fields—telecom, microchips, software, biopharmaceuticals, medical devices, and clean energy—Israel has ranked second only to the US in technological innovation.
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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