Home Economy In vying for economic preeminence in Asia, openness is essential

In vying for economic preeminence in Asia, openness is essential

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At a time when borders and minds are shuttering, it is hard to make the case for openness to project leadership in Asia, the world’s most dynamic region, epicenter to the U.S.-China rivalry, and reeling from two years of pandemic distress with no end yet in sight. But a leader of one is no leader at all. Indo-Pacific powers will shape the regional economic order in their desired direction only to the extent that they remain vibrant network economies generating growth opportunities for themselves and others, guardians of a rules-based order that brings assurance to a fragile world economy, and are capable of harnessing openness to boost their competitiveness in the midst of a technological revolution while building resilience to external shocks. Even though narrow self-interest beckons, enlightened leadership to supply public goods to overcome the global health crisis is the winning card. These factors will weigh heavily in the ongoing race for…

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