As 2015 starts, China’s leaders should learn from the experience of Japan in 2014. There is mounting evidence that Japan may have squandered its best chance for a meaningful recovery in more than a decade.

The country is in recession again, foreign investors are losing confidence in Prime Minister Shinzo Abe’s revival plan and deflation has returned. Last month the government approved a $29 billion stimulus package that it hopes will keep things from getting worse.

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