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Rising Asia to change world pattern

(People's Daily Online)

08:00, January 16, 2013

Key Words:Asia; Aisa Pacific; European debt crisis; China economy;

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2013 is a crucial year for Asia to effectively resist the European debt crisis. Some Southeast Asian scholars who recently received interview from People's Daily generally agreed that the relations of Asia and Europe are undergoing profound changes due to the improvement of Asia's ability of withstanding the European debt crisis. The changes will influence the balance of power in the future global pattern.

Rajiv Biswas, chief Asian economist at IHS Global Insight, an analysis and consulting agency of the United States, said that The European economy is undergoing the "lost decade" since 2008. Influenced by the economic growth of China, Asian economy is expected to increase by 4.4 percent in 2013.

Chen Gang, research fellow at the East Asian Institute (EAI) under the National University of Singapore, told the reporter that Asia especially the East Asian region will be the main engine of world economy. The changes will have a profound impact on the world order.

Asia has the ability to deal with two negative effects

According to experts, the European debt crisis mainly has two negative effects on Asian economy: decrease of import demand and withdrawal of capital. However, the negative effects are limited thanks to positive interaction between Asian economies.

Biswas said that the E.U. will still be an important export market of Asia. The exports of East Asia to the E.U. had fallen sharply in 2012, which exerted a negative impact on the exports of China, India, Japan, Singapore and some other economies. But the adverse impacts are lower than that of 10 years ago as the importance of the E.U. as an export market of Asia is gradually declining while the export share between Asian economies is rising.

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