When Asia Meets China in the New Millennium: China's Role in Shaping Asia's Post Crisis Economic Transformation

When Asia Meets China in the New Millennium identify the emergence of a new economic paradigm of intensifying competition, chronic deflation and profits squeeze, divergence of pricing power between goods and services sectors and constrained economic growth. It also analyses Asia’s post-crisis economic transformation under a general equilibrium framework. This framework looks at the complex interaction of key global forces that affect the transformation of Asia. This book also ties China's rising economy in shaping Asia’s transformation process within the general equilibrium framework. China’s economic clout is highlighted here as a key force driving Asia into a new economic paradigm of intensifying competition, prolonged erosion of pricing power and profit squeeze, and constrained economic growth. While everyone is talking about a rising China, with some feeling threatened and others feeling encouraged, there has been no systematic link between China’s role and Asia’s post-1997/98 crisis economic restructuring. There is also no effort made to link the structural changes in the global economy to Asia’s economic changes. This book provides the most far-reaching treatment so far on the complex subject of Asia’s future economic changes with a good analytically-reason conclusion. Finally, this book uses a critical approach, questioning conventional wisdom at times, to assess and analyze Asia’s post-crisis transformation. This differs from the existing publications, which focus on the causes, development and impact of the crisis and are written without integrating Asia into the global economic development.