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US should adapt to new growth order

Source:Global Times Published: 2013-10-8 1:03:02

Photo taken on October 4, 2013 shows banners of APEC summit in the street of Bali, Indonesia. The APEC Ministerial Meeting was opened in Nusa Dua of Bali on Friday. Photo: Xinhua


 
The informal leaders' meeting of the Asia-Pacific Economic Cooperation kicked off in the Indonesian resort island of Bali yesterday, with Chinese President Xi Jinping's address drawing worldwide attention. Chinese Premier Li Keqiang is scheduled to head to Brunei for a series of leaders' meetings of East Asian countries. There has been heated international debate over the Chinese president and premier appearing at the Association of Southeast Asian Nations (ASEAN) meeting at the same time while the US President Barack Obama has been forced to cancel his plans because of the government shutdown impasse.

The Asia-Pacific region represents the most active belt of economic growth, but is witnessing an increasing number of controversies. As China and the US, two countries that engage closely but are also mutually suspicious, are located on two sides of the Pacific Ocean, it is natural that the international community has given the first priority to the two powers when talking about this region.

The US' promoting the process of the Trans-Pacific Partnership Agreement (TPP) has posed a difficulty for the Asia-Pacific region at large.

The intention of the Obama Administration and Beijing's coping tactics have become one of the biggest uncertainties in the regional trade system in the future.

Nevertheless, the current all-round progress of the developing world serves as an irreplaceable impetus for world economic growth, and the White House cannot change this trend.

Developed countries also need to earn profits from participating in and promoting the prosperity of emerging markets.

Despite a strong capacity for innovation, developed nations are limited in their economies digesting technological progress. On the other hand, poor countries are becoming more prominent in driving economic development.

The apprehension over the lackluster economic performance of Western countries is not surprising. But the trend of emerging countries enjoying faster growth than Western countries will be difficult to reverse unless developing countries are hit by a series of crises that will force emerging nations back to colonial or semi-colonial era economies.

Europe and the US should be clear about this general trend. Their national interests can only be maximized by taking the progress of mankind as a prerequisite.

If the US continues to protect its own growth at the expense of developing countries, it will only harm itself. As a country that sits atop the global economy, benefits can only be brought about through the growth of developing countries.

Developed countries have enjoyed an advantageous position for too long. Now they need to seriously think about the new situation in the 21st century, accepting the fact that globalization is closing the gap between them and developing countries. Only by doing this can they acknowledge the new order of the global economy.



 

Posted in: Editorial