JAPAN TURNED IN ITS BEST performance in 15 years in the final quarter of 2003, growing at an annualized 7% rate. Profits were up, exports soared, and even capital spending rose. This is great news for the world's second-largest economy and has raised hopes for a sustained recovery after many aborted liftoffs. But before investors and policymakers get carried away with the notion that Japan is about to become, once again, a global locomotive of growth, they should remember what's behind the country's surprising turnaround: China.
Japanese corporations are riding the Chinese boom, exporting steel for skyscrapers, machinery for new factories, and cars and electronics for China's rising middle class. It is classic Japanese economic policy to export its way to growth. And that same strategy makes sustained Japanese growth highly vulnerable in the months ahead.
In paragraph 2, the term “classic Japanese economic policy” most likely refers to which of the following?
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