The 21st century will be one of ageing populations in all Asian countries — driven by the spectacular falls in fertility and mortality rates in the second half of the 20th century. These demographic changes date back to as early as the 1950s when countries across the region pursued policy measures to reduce fertility rates.
The high and persistent growth of the four Newly Industrialised Economies — also known as the East Asian Tigers: Hong Kong, South Korea, Singapore and Taiwan — from 1970 to 1990 prompted much debate about the drivers of growth in these economies. There have been numerous studies looking into this issue, but they have not yet been able to reach a common conclusion.
Anyone who follows the politics of Northeast Asia must be wondering whether things may finally be about to change for the better. Not only have the leaders of the region’s big three — China, Japan and South Korea — recently held much delayed talks, but the presidents of China and Taiwan have finally had a face-to-face meeting as well. Does this really mark an important turning point for this vitally important region as a whole?
The new normal of a global economy seems to be that happiness is harder to grasp for ordinary people. There are two major reasons for this.
First, the economic outlook is growing more difficult to predict and it is more common to see government attempts to lift growth fall flat. Far from experiencing tangible economic gains and a modicum of economic happiness, ordinary people find themselves more and more economically insecure. The changing macroeconomic landscape has substantial implications for possibilities for growth and attaining happiness in Asia.
One of the striking lessons from Asia’s success over the past few decades is that it makes economic sense to invest in regional infrastructure to link two or more countries to support outward-oriented development strategies.
In August and September 2015, Japan and China commemorated the 70th anniversary of the end of World War II. The observance activities were keenly anticipated as a way of gauging the temperature of the China–Japan relationship. The commemorations showed that the two governments worked hard to prevent further deterioration in the bilateral relationship, but that China and Japan are still far apart on Asia’s future strategic order.
The recent deterioration in Japan–South Korea relations may have been exacerbated in light of the two countries different responses to two key changes in the international system: China’s emergence as a major economic power and its pursuit of blue-water ambitions. South Korea regarded the former as a business opportunity, while Japan focused on the latter as a military threat in view of the Senkaku/Diaoyu Islands dispute and anti-Japanese riots in China.
The Central Asian nation of Kyrgyzstan has become a full member of the Russian led Eurasian Economic Union (EEU) on August 12, 2015 after it formally abolished customs controls along its border with Kazakhstan.
The real test of the so-called Asian Century will be whether living standards in the region’s emerging economies can continue to improve, whatever the GDP numbers. That challenge is getting tougher. If the British Empire dominated the 19th century and the 20th century by the United States, the Asian Century – the shift of global growth momentum from the transatlantic axis to the East – projects to reign in the 21st century.
China is a central concern in the evolving East Asian order, and its aggressive behaviour toward disputed islands in the South and East China Seas is attracting growing concern. China’s uncompromising attitudes reflect growing confidence in its ability to create or re-create a China-centred order in Asia commensurate with its power and interests.
