China likely to repeat Japan’s lost decades with debt, unbalanced economy, Senate hearing finds By Harvard Zhang Published: July 14, 2016 3:16 p.m. ET WASHINGTON ? China is likely to fall into the same economic trap as Japan did to muddle along with sluggish growth as it hesitates to deal with the overcapacity and excess debt issues, economists told a Senate hearing Thursday. A further slowdown in the Chinese economy would affect the U.S. by denting the exports of China’s Asian and European trading partners and encouraging a flurry of global currency depreciation, witnesses told the Senate Banking Committee. “China’s...