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The Role of China in Asia's Evolution to Global Economic Prominence

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  • Dilip K Das

Abstract

The objective of this article is to show how China's rapid growth was instrumental in integrating Asian economies with each other and mutually supporting rise of a dynamic Asia. It demonstrates the thorough structural transformations that the Chinese and Asian economies underwent over the last three decades. In a short span of three decades Chinese economy made a sizeable regional and global niche for itself. China's vertiginous growth became instrumental in integrating the real economies in the region. China and the neighbouring Asian economies influenced and shaped each other's economic evolution. Trade, foreign direct investment (FDI) and vertically integrated production networks were the principal channels of market-led integration. China's rise as a regional economic power, before becoming a global one, was a substantially significant economic event. A defining moment in China's economic relationship with its Asian neighbours was the outbreak of the regional financial crisis in 1997–98. Similarly when the global financial crisis (2007–09) struck, China's macroeconomic fundamentals were strong, and it helped propel regional growth. In several other important ways, China sways not only the regional economies but also the global economy.

Suggested Citation

  • Dilip K Das, 2014. "The Role of China in Asia's Evolution to Global Economic Prominence," Asia and the Pacific Policy Studies 201410, Crawford School of Public Policy, The Australian National University.
  • Handle: RePEc:een:appswp:201410
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    File URL: http://onlinelibrary.wiley.com/doi/10.1002/app5.10/pdf
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    Cited by:

    1. Salma Ahmed, 2023. "Development Of Asia-Pacific Countries: Does Belt And Road Initiative Make Any Difference?," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 30(1), pages 217-262, May.
    2. (Corresponding author) Debapriya Bhattacharya & Towfiqul Islam Khan & Mostafa Amir Sabbih, 2023. "How Successful Were The Least Developed Countries In Attaining The Millennium Development Goals? An Assessment Based On A Synthetic Approach," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 30(1), pages 165-193, May.
    3. (Corresponding author) Tae Yong Jung & Jaewan Kim & Jongwoo Moon & Yong Gun Kim, 2023. "Assessment Of The Enhanced Nationally Determined Contributions Of The Republic Of Korea And The Strategies For The 2050 Net-Zero Target," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 30(1), pages 43-66, May.
    4. (Corresponding author) Joyashree Roy & Hasan Mahmud, 2023. "What To Focus On In Order To Accelerate Access To Modern Energy Services And Energy Use Efficiency In Bangladesh," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 30(1), pages 89-120, May.
    5. Xunpeng Shi & Matthew Wittenstein, 2023. "Aligning Critical Mineral Development In The Asia-Pacific Region With The Sustainable Development Goals," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 30(1), pages 151-162, May.
    6. (Corresponding author) Shobhakar Dhakal & Melissa Pradhan, 2023. "Identification And Prioritization Of Barriers To Access International Climate Finance For Nepal," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 30(1), pages 121-148, May.
    7. Babbar, Sunil & Behara, Ravi S. & Koufteros, Xenophon A. & Wong, Christina W.Y., 2018. "Charting leadership in SCM research from Asia and Europe," International Journal of Production Economics, Elsevier, vol. 203(C), pages 350-378.
    8. Anchal Arora, 2023. "Growth, Yield And Environmental Sustainability Of Cotton Production In India: Performance And Policy Measures," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 30(1), pages 195-215, May.
    9. ESCAP secretariat, 2023. "Accelerating Climate Action In Asia And The Pacific For Sustainable Development," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 30(1), pages 1-17, May.
    10. (Corresponding author) Keigo Akimoto & Fuminori Sano & Takashi Homma & Miyuki Nagashima & Naoko Onishi, 2023. "Analysis Of The 2030 Emissions Reduction Targets Of The Previous And Current Nationally Determined Contributions Of Japan, And A Comparison Between Countries Using Energy-Technology And Energy-Economi," Asia-Pacific Sustainable Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 30(1), pages 19-41, May.

    More about this item

    Keywords

    China’s emergence; FDI; Integration; regional role; strategy; trade;
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