Asia’s Rebalancing Act
For more than three decades, Chinese demand has supported other Asian economies’ export-led growth. Now, with China facing a growth slowdown and significant downside risks, Asian countries must abandon their export-oriented development strategies in favor of more balanced growth models, underpinned by domestic demand.
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SEOUL – Rapid economic growth in China undoubtedly benefits the rest of Asia. Indeed, strong Chinese demand has supported its trading partners’ export-led growth for much of the past three decades. But now, faced with a slowdown in China and significant downside risks there, the rest of Asia must abandon over-reliance on export-oriented development strategies and strive to ensure stable and sustainable growth domestically and regionally.