Category: Asia Pacific

Japan and Philippines to Boost Bilateral Ties amid Dispute with China


Japanese foreign minister Fumio Kishida on Thursday called for stronger bilateral ties with the Philippines to help ensure regional peace amid an intense territorial dispute with China. Both countries are locked in separate disputes with China.

On his first official visit as Foreign Minister, Kishida told an audience in Manila that deeper bilateral cooperation between Japan and ASEAN has been dictated by “significant” changes in the region’s security equation.

Philippines Backs Rearmed Japan to Counter China


The Philippines would strongly support Japan dropping its pacifist constitution to become a fully-fledged military force, said a government spokesperson on Monday. The call is largely seen as a counterbalance to China’s growing military assertiveness over disputed oil claims in the South China Sea.

Asia Would Be “Unbelievably Stupid” Not to Learn From Mistakes of West


Asian financial markets and regulatory bodies need to understand and learn from the mistakes of the West or risk having their own interests trampled upon, said the chief executive of Hong Kong’s Securities and Futures Commission.

The Rise of the Asian Financial Powerhouse


Asia, as a whole, has witnessed tremendous growth in the past decades and city-states such as Hong Kong and Singapore have since joined the ranks of advanced economies. Asian giants are not only home to the largest number of millionaires in the world; Asian millionaires are also becoming increasingly wealthier. With US and European economics stuck in doldrums, could it be Asia’s turn to shine now?

China Will Lose Out By Tokyo IMF Boycott: Lagarde


China will only stand to “lose out” by boycotting this week’s global economic meetings in Tokyo, said International Monetary Fund Managing Director Christine Lagarde today.

Lagarde made the comments today, after two senior Chinese financial officials cancelled their trip to Tokyo amid a territorial dispute with Japan.

Tokyo is host to a series of global economic meetings held this week, including the IMF, the World Bank as well as the G7.

The China-Japan Rivalry Renewed: Will Asia’s Geopolitical Balance Shift Once Again?


Forty years after China and Japan first commenced normalized diplomatic relations, a group of islands – known as Diaoyu and Senkaku respectively – is now threatening to reignite past rivalries, including both nations’ claims to geopolitical power in the region. Behind the dispute lies several considerations, including handling internal and international political relationships, which  both countries must now resolve in order to avoid a military conflict.

Asia Now Home To Most Number Of Millionaires In The World: Report


The number of Asian millionaires surpassed that of North America’s for the first time ever last year, said a report by Capgemini and RBC Wealth Management on Wednesday, though their combined wealth shrank slightly amid the global economic downturn caused by the eurozone crisis.

In 2011, Asia was the home to 3.37 million high net-worth individuals (HNWI), compared with 3.35 million in North America and 3.17 million in Europe.

Rethinking The East Asian Miracle: Andrew Sheng & Xiao Geng


Almost two decades ago, the World Bank published its landmark study “The East Asian Miracle,” analyzing why East Asian economies grew faster than emerging markets in Latin America, Africa, and elsewhere. But it is necessary to re-assess economists’ focus on these countries’ formal rules and governance structures.

ASEAN To Push China For South China Sea Code Of Conduct


Foreign ministers from the 10-member Association of Southeast Asian Nations (ASEAN) have agreed to key points surrounding maritime boundaries in the South China Sea and are prepared to reach out to China to resolve any disputes, said Cambodian Prime Minister Hun Sen on Monday, after first day of talks concluded at the annual ASEAN regional forum in Phnom Penh.

Asia Pacific Economic Forecast


Asia-Pacific is the fastest growing economic region in the world. Backed by the rapid growth of emerging economies within the region such as China and India, Asia-Pacific is expected to remain as the world’s main economic growth centre, with its growth rate being nearly one and a half times more than that of any other region of the world.