Word: economice
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As the most dynamic and rapidly growing region in the world over the past decade, developing Asia has attained a new level of prosperity. From China to India, the region's per capita income has more than doubled since the wrenching Asian financial crisis of 1997-98. Since 1990, over...
The Next Asia will also have to come to grips with its inherent lack of coordination by exerting greater control over its fragmented economies, markets and political systems. China's four largest banks, for example, still have over 50,000 branches between them - branches that in many cases function autonomously...
But that's not the only challenge that Asia faces. Significantly, Wen's warning was not just about the imbalances of an economic and financial structure that had become overly reliant on exports. By raising concerns over instability, he was also cautioning of the perils of overreliance on energy, industrial...
Heightened efforts in the area of resource efficiency are also an urgent priority. A shift from manufacturing-led export growth to more of a services-based consumption model will relieve some of the inherent biases of energy- and resource-intensive growth. But Asia must do more in the way of...
Wen's "four uns" largely offer inward-looking prescriptions. But the Next Asia has much to gain from its external linkages - especially by focusing more on the benefits of cross-border economic integration. Perhaps the greatest opportunity in that regard could come from closer ties between the two greatest powers...