China and Japan were amongst the third world countries not long ago but went into development with the speed of light leaving behind the other third world countries. Both countries went into conscious, planned economy and discipline. Both countries moved from consuming economy to exporting countries. They went into mechanized agriculture, went into science and technology. Today, both countries are industrial super powers. The remaining third world countries are still grappling with poverty,low technology know how etc. The third world countries should borrow from what these two countries has achieved in terms of development.
I got confused when you stated Japan as considered third-world country not long ago then I looked at Japans economic status, and was stated that it was never been labeled as third world country, but in history, Japan was actually referred as third world country, not in economic terms, but as a political alignment, something like a faction or grouping. See:
Third WorldAbout China, China went from the richest, most advanced, and center of trade in ancient/medieval times, to a poor country, to a global economic power. I think China has its own resources to make its country great. In times when China's economy becomes poor, it shows how internal conflict, constant warring through civil wars, and external pressure and conflict can weaken a once-wealthy country. But Chinese history also shows that once these negative circumstance is controlled, it can regain its former glory of being one of the super powers of the world.
So when we are talking about economic development, it is all about how the civil and economic situation is being controlled. It is also about the government trashing corrupt officials, and publicly informing the masses about the case and how it was processed, announcing the conviction through state media.
All in all, it is about weeding out corrupt and incompetent officials in office.