The Asian Century Is Over

The air forces of four of Asia’s leading powers nearly came to blows in the skies over the Sea of Japan, or East Sea, last week. As Russia and China conducted their first joint aerial patrol, South Korean fighters fired more than 300 warning shots at a Russian command and control aircraft that crossed into South Korea’s air defense identification zone. Meanwhile, Japanese fighters scrambled in case Japanese territory came under fire.

The unprecedented encounter was just one more reminder of the risks that threaten peace in the Indo-Pacific—and that the “Asian Century,” once heralded by writers such as Kishore Mahbubani and Martin Jacques, is ending far faster than anyone could have predicted. From a dramatically slowing Chinese economy to showdowns over democracy in Hong Kong and a new cold war between Japan and South Korea, the dynamism that was supposed to propel the region into a glorious future seems to be falling apart.

Asia’s geopolitical turbulence has been long in the making. In fact, the region’s weaknesses were for decades ignored by those certain that China would dominate the world, that the region would begin to manifest a shared sense of “Asian values,” that the United States’ influence was on the wane, and that the global future would be determined more in Beijing and New Delhi than in Washington. But underneath the region’s glittering new cities, the foundations of its rise were already beginning to crack.

Enter an earthquake. U.S. President Donald Trump’s trade war with Beijing, including 25 percent tariffs on nearly half of China’s exports to the United States, accelerated China’s economic decline. The country’s growth rate last quarter was the slowest in nearly three decades, since its economy took off in the early 1990s. Even if the 6.2 percent growth figure can be trusted, it reveals not only the effect of Trump’s trade actions but the general weakness of an economy in which meaningful reform has stalled and inefficiencies are as prevalent as ever.

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