| While the Japanese economy fell into the economic depression, China has a rapid economic development. The Industry Hollowing Out Effect, resulted by the increasing of investment and industry transfer, has been paid much attention to in Japan. And China, as the primary object of Japanese investment and industry transfer, has been regarded as the main factor of leading to this effect by Japanese media. Accordingly they put forward the Chinese Minatory Statement, think that the economic development of China has threatened their state. This must affect the development of bilateral trade relationship. The author makes an expectation for bilateral trade relationship through analyzing the reason of the industry hollowing out effect of Japan and its current situation, and combined with the opportunities brought by the rapid development of China. This article has five parts. Firstly, put forward the concept of industry hollowing out effect, discuss its history, and make a conclusion that Japan has fell in it. Secondly, make some deep research on the current situation, the cause of formation of this effect. Thirdly, analyze the effect to bilateral trade relationship leaded by the industry hollowing out effect. Fourthly, retort the Chinese Minatory Statement. Finally, make an expectation, and put forward the Mutual Benefit Statement.The first part: analyze the history of industry hollowing out effect theory on the basis the some concepts put forward by scholars of domestic and overseas, and discuss the relation between investment and developing domestic industry. Come out a conclusion that it is fate to fell into the situation of industry hollowing out effect for Japan as a developed country.The second part: analyze the current situation of industry hollowing out effect in Japan from the point of trade and employment. This effect will enlarge the trade surplus. The lay off issue is resulted by domestic factor, and the industry hollowing out effect has little influence on it. At the same time, analyze the reason of industry hollowing out effect from four factors: rate increasing, international trade conflict, adjustment of industry and international industry transfer.The third part: discuss the influence on bilateral trade relationship. Firstly, analyze the currently situation of trade relationship between Japan and China. In finished products trade, China takes a surplus position; this result comes from the changing of industry structure of these two countries. And this change leads to the changing of trade structure, moreover, Japan has a lower industry upgrade comparatively with China, and then, the industry hollowing out effect is coming. The chain reaction enlarges the trade deficit of Japan. As a Super Manufacture all along, Japan feels the threat coming from China. With the economic development of China, the Japanese media puts forward the Chinese Minatory Statement. The fourth part: retort the Chinese Minatory Statement from the process of Japanese industry hollowing out effect and bilateral trade relationship. China factor has limited effect on the hollowing effect. Because the amount of investment to China and the industry transfer are very small, and China is not the key object of Japan. The increasing of export of China, promotes the increasing of import from Japan, and this makes sure the trade balance to some extent. And not the large deficit like the Japanese media emphasized. The fifth part: it is an expectation for bilateral trade relationship. Japan and China will more and more depend on each other because of the comparative advantage, and the opportunity of cooperation will surpass the competition. Accordingly the author puts forward the Mutual Benefit Statement. The economic development and increasing of China will bring more opportunities for the development of Japan. And China's political policy will do favor to the trade development simultaneously. The industry hollowing out effect is a proper phenomenon of capitalism country, Japan, as one of them, will experience this per...
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