Rise and Shine

The Asian Century: A Rebalancing of the Global Order

- 

The phrase "Asian Century" is used to refer to the projected 21st-century dominance of Asian politics, economy, culture and demography in global affairs.

While the 19th century was dominated by Europe, and the 20th century saw the rise of America, the 21st century was predicted to see the rise of Asia to the fore, with the continent shining as the world's economic and cultural powerhouse. The term "Asian Century" was actually coined well before the century even arrived. It was reportedly first used in a US Senate committee hearing in the mid-1980s, and picked up by Chinese leader Deng Xiaoping, who poured cold water on the concept in the late 1980s during a visit with Indian Prime Minister Rajiv Gandhi, saying, "People have been saying that the next century will be the century of Asia and the Pacific, as if that were sure to be the case. I disagree with this view."

Even though Deng had appeared to be sceptical about the dominance of Asian influence in the 21st century, the rise of Asia in reshaping the global order in recent years cannot be denied. In the 1950s, Asia, home to more than half of the world’s population, contributed less than 20% of global output of goods and services. By 2040, it is likely to generate more than 50% of world GDP, and could account for nearly 40% of global consumption. This rise has challenged long-held Western preeminence, and offers a different model of development for the rest of the world to follow. Let us now take a closer look at the genesis, implications and future of the Asian Century, tracing its economic, political, cultural and social contours.

A CENTURY IN THE MAKING