The Hindu Editorial Daily News Analysis

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Seize the Asian century

Old economic order is dead, but India and China must take the lead to preserve its successes
Globalisation -Last month,at the dusk of 2017,a ministerial meeting of theWTO in BuenosAires,Argentina
globalisation was finally buried in its homelands, the U.S. and U.K.
Post-TrumpAmerica and PostBrexit Britain,are likely to be more bitter than sweet
World’s two most populous nations, China and India, made rapid strides in terms of economic growth
China, which embraced openness and internal reform more vigorously than India, has been the bigger beneficiary.
Globalisation and free markets-More than half a billion people have been lifted out of poverty in a single generation
2008 •financial crisis which sowed the seeds for a backlash
It is easy to target immigrants without acknowledging the huge value-add they bring to the host economies
It isn’t surprising that the leaders of both China and India, have devoted a considerable amount of political capital
to combat corruption and root out entrenched vested interests.
China has been aggressive about exports and about attracting foreign investment but has been more protectionist about imports
India has never quite embraced an export-oriented development strategy.

India needs to capture a much larger share of that market than its present 1.6% share.
India also needs to capture a greater share of foreign investment.
It needs to give up its traditionally defensive posture on trade in particular.
India and China hold the key to the emerging global political economy.
Joining the U.S. and other advanced economies in closing up will only lead to slower growth.
The challenge for India and China,as the two fastest growing major economies, is to engage with each other.
Scenario is set for anAsian century.
But for it to materialise India, China and the rest of the region need to look beyond rivalry.