The Asian Century
Instructions:
The Asian Century
Scholars and businesses are talking about the next 100 years being the Asian Century or more precisely the Chinese Century or the ChinIndia century. Do you think that China and other parts of Asia will be the leaders of the business world by the end of this century? Discuss and you can either agree or disagree with the above statement but you must justify your answer.
Solution.
The Asian Century
As globalization continues to promote increased integration and global interaction, countries focus on the advancement of their interests and the promotion of their agendas. Geopolitical and economic influence remains critical in influencing global matters. Therefore, countries and regions strive to achieve business dominance. This has been the case since antiquity. In the 19th and 20th century, the Britain and the US dominated the world business platform respectively. However, the emergence of other economic powers threatens their position. Numerous authors, scholars, and analysts argue that China and the Asian region will be the leaders of the business world by the end of the century. This essay offers an articulate discussion in support of the argument.
The financial transformation the Asian region has experienced in the recent decades and the measures taken to ensure efficient financial planning and long-term growth elevate the region’s possibility of leading in global business by the end of the 21st century. According to Kohli, et al. (2011), the Asia has constantly recorded rising GDP, causing an increase in its share of the global gross domestic product. For instance, Hossain, et al. (2013) argue that in the past years, Asia’s global GDP share has improved to more than 50 percent. The improvement of the share results to a significant development of its financial assets, institutions, bond markets and equity among others. Additionally, the region has embarked on the formulation of an efficient financial approach that focuses on the elimination of its overdependence on the self-regulation and unnecessary and excessive control of its markets. The influence of the development of such measures and strategies will be enhanced by the integration of innovative ideas in different institutions that support financial development (Kohli, et al., 2011). The achievement of success in the discussed areas will boost business development and economic growth making the region a world business leader.
However, the economic development and the global dominance of the Asia region faces multiple significant challenges. The countries within the region must formulate and efficiently implement strategies that tackle socio-economic and cultural challenges that limit economic, social, and human development. The acquisition of the title will be predetermined by the efficiency of the measures that the region, and especially China, will set in place for dealing with the challenges that inhibit speedy development. According to Kohli, et al. (2011), the major issues of concern that may hinder China and the Asian region from achieving the global business dominance by the end of the century include (but are not limited to) competition, inequality, regional income disparities, climate change and the issue of global warming, and poor leadership and management among others (Hossain, et al., 2013; Kohli, et al., 2011). Countries within the region must address the concerns by creating measures that alleviate the challenges. The effective development of strategies and efficient implementation will guarantee China and the region significant development.
In the recent past, China and most Asian countries have focused on the promotion of economic development through inclusion. The Government of China, for instance, prioritizes inclusion and focuses on the reduction of the socio-economic inequalities and disparities in the country. The achievement of success in the elimination of these inequalities/disparities will continue to propel the country towards economic growth and development. According to Fernando (2016), the country invests heavily in the reduction of inequalities existing between the wealthy/poor and between urban/rural dwellers. The major objective is the inclusion of all citizenry in the development agenda and the alleviation of the challenges of poverty, inequity, and inequality (Kohli, et al., 2011). The country considers inclusive growth by implementing measures and strategies that address class disparities, gender/ethnic inequalities, and other critical concerns such as equality in the access to life opportunities and employment challenges among others (Johnson, et al., 2015). The significant success China has achieved in the recent decades shows the possibility of its continued development in all sectors. For instance, Hossain, et al. (2013) argue that Asia region, and specifically countries like China, Japan, and Singapore have made great strides towards the reduction of social inequalities. Continue success will create way for the achievement of global economic dominance.
Kohli, et al. (2011) and Zhang and Gallagher (2016) assert that the focus China sets towards the enhancement of its fast-growing economy, the continued promotion of entrepreneurship and technological, and innovation improvement will earn it dominance in global business. The country invests heavily in the development of its economy, which continues to grow speedily even as other leading economies stagnate. The establishment of efficient plans and strategies to promote long-term economic growth depicts the country’s chance of becoming a global business leader. The People’s Republic of China constantly invests in the promotion of innovation in all levels of its economic sector to boost productivity, efficiency, and quality improvement. Most importantly, the Government of PRC has in the recent decades focused on strengthening its education system to ensure high-quality education, which will continue to promote innovation and creativity (Han, 2015). According to Wang, et al. (2014), the promotion of creativity and innovation triggers the development of the technological sector, a key area for the achievement of business development. Other Asian countries such as South Korea, Singapore, and Japan have recorded significant success in the promotion of technological and innovative development (Mao-Yu, et al., 2015). Of greater importance, however, the countries have established strategies for continued development, which guarantee Asia’s global business dominance by the end of the century if the trends persist (Hossain, et al., 2013).
China and the Asian region in general has established itself as an effective investment hub, which has in the recent decade attracted world’s leading MNEs and investors (Kohli, et al., 2011). The region’s investment policies and micro and macro-environment factors present it as an attractive market and region for production, manufacturing, and distribution of products. Some of the major investor-attracting factors are technological advancement, innovation, availability of cheap but highly-skilled and semi-skilled labour, favourable investment policies, and incentives among others (Walter, 2014). These actors will continue to pull global investors and corporations into the region causing its economic development. The operation of major production/manufacturing and service industries in the region gives it a significant influence in the business world and politics. Currently, major computer, mobile phones, and software developing companies and automotive manufacturing industries are located in the Asian region. Further, companies seeking the expansion of their markets are looking east, to Asian countries such as Turkey, China, Japan, South Korea, and India among others (Walter, 2014). The high investment in the region will push the international community to develop measures that protect foreign investments, in the process promoting the development of the Asian region (Hossain, et al., 2013).
Business and regional development analysts argue for the continued development of the Asian region and its possibility of becoming the world’s business leader. According to Hossain, et al. (2013), the region’s trends point to its continued development and growing influence in the business world. The Asian region experiences rampant urbanization, which shapes its business and economic development significantly. Kohli, et al. (2011) postulate that by 2050 the region will have recorded great urbanization and thus insurmountable economic development. The author asserts that the urbanization of Asia will boost socio-economic and human development through high-quality education, technological advancement, and innovation among other things (Xiaoyu, 2015). The current rate of urbanization in the region accounts for economic output in excess of 80% (Kohli, et al., 2011). The rising urbanization will cause an increase in the economic activity and contribute towards a rise in the region’s economic output thus promoting the region’s economic standing. The influence of the process will be felt immensely in the global business arena. Additionally, the development of the economic output of the region will result in the improvement of the region’s competitiveness, social, economic, and human development causing a significant influence in the business world (Hossain, et al., 2013; Kohli, et al., 2011).
In conclusion, the Asian region stands a major chance of becoming a glob a business leader by the end of this century. The argument by different scholars and business analysists of this being an Asian century is considerably true. The region has recorded significant financial and economic growth and development in the recent decades that depict its possibility of overtaking global business and economic leaders. Countries like China, India, Japan, South Korea, and Singapore among others have made significant strides towards improved economic development. Specifically, the PRC has shown the possibility of becoming a world business leader by the end of the century. The Government of China has formulated and implemented measures and strategies for sustainable development, which promises the achievement of speedy social-economic and human development. China’s promotion of national, regional, and global agenda place it at an elevated ground for the achievement of success as a business leader. It promotes growth and development through inclusion, advanced technology and innovation through quality education, entrepreneurship, financial transformation, and efficient leadership and management. Moreover, it promotes the regional agenda of presenting the Asian region as an investment, manufacturing, and processing hub. The consideration of the different measures China and the entire Asian region has set for the promotion of business development shows its imminent chance of becoming a global business leader by the end of the 21st century.
Bibliography
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