China and Asia Grow Together
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Finally, a strategic Asian issue will affect these discussions. China promotes an inclusive Asian development agenda, explicitly ensuring that its interests are served by promoting a winwin outcome for all participants. Inclusion of all countries in this development agenda, therefore, is not mere rhetoric but corresponds to China’s strategic understanding of the situation. China’s own interests are seen as lying in the maximum development of all countries – for reasons already outlined.
China’s increasing weight in deciding and discussing such issues that are critical to Asian and global economies is clear. This year’s Boao Forum was attended by China’s new president Xi Jinping, other heads of state and government not only from Asia but also Australia, New Zealand, Mexico, Peru and other countries, and leading figures from the world of finance and business such as Bill Gates, George Soros and Christine Lagarde.
Difficulties in Asia’s external economic environment continue. But if Asian countries maintain cooperation there is no reason why they should not carry on successfully navigating the currently choppy global economic waters. C
OPINION
is overcome – a task that will take decades of investment – Asia as a whole cannot benefit even rapid economic growth. To ensure development for all, therefore, requires international follow-up on the stress former Chinese premier Wen Jiabao laid on developing international Asian infrastructure.
Second, there is a widespread global understanding that social inequality has become excessive. Countries as diverse as the U.S., France, the UK and India have recently increased taxation on their richest citizens. In China, excessive inequality has become a hot issue. This widespread global movement is bound to have further impact on Asia in the context of attempts to ensure that development brings benefits to all.
Regrettably the U.S. administration currently pursues a different Asian approach – one characterized by the Financial Times as ABC – Anyone But China. This approach is politically destructive, undoubtedly encouraging irresponsible actions by extreme Japanese nationalists that increase tensions over issues such as the Diaoyu Islands. Economically, meanwhile, the U.S. is attempting to create a “Trans Pacific Partnership” agreement that would exclude China. These proposals would effectively divide Asia into a “slow growth group” of relatively protectionist economies centered on the U.S. and a “faster growth group” of open economies pursuing non-discriminatory trade relations with China.
China’s increasing weight in deciding and discussing such issues that are critical to Asian and global economies is clear. This year’s Boao Forum was attended by China’s new president Xi Jinping, other heads of state and government not only from Asia but also Australia, New Zealand, Mexico, Peru and other countries, and leading figures from the world of finance and business such as Bill Gates, George Soros and Christine Lagarde.
Difficulties in Asia’s external economic environment continue. But if Asian countries maintain cooperation there is no reason why they should not carry on successfully navigating the currently choppy global economic waters. C
OPINION
is overcome – a task that will take decades of investment – Asia as a whole cannot benefit even rapid economic growth. To ensure development for all, therefore, requires international follow-up on the stress former Chinese premier Wen Jiabao laid on developing international Asian infrastructure.
Second, there is a widespread global understanding that social inequality has become excessive. Countries as diverse as the U.S., France, the UK and India have recently increased taxation on their richest citizens. In China, excessive inequality has become a hot issue. This widespread global movement is bound to have further impact on Asia in the context of attempts to ensure that development brings benefits to all.
Regrettably the U.S. administration currently pursues a different Asian approach – one characterized by the Financial Times as ABC – Anyone But China. This approach is politically destructive, undoubtedly encouraging irresponsible actions by extreme Japanese nationalists that increase tensions over issues such as the Diaoyu Islands. Economically, meanwhile, the U.S. is attempting to create a “Trans Pacific Partnership” agreement that would exclude China. These proposals would effectively divide Asia into a “slow growth group” of relatively protectionist economies centered on the U.S. and a “faster growth group” of open economies pursuing non-discriminatory trade relations with China.