Economic globalization in Asia-wenqi

Asia has been home to only one developed country, Japan, and only a handful of countries and regions in East Asia have realized economic modernization. There would be no modernization of Asia if China and Indian, which together account for two thirds of Asia’s total population, failed to modernize their economies. On the other hand, economic modernization in China and India will greatly fuel modernization processes in their neighboring countries, considering either country has a colossal domestic market and the ability to power economic growth in neighboring regions. This has already been proved by the case of China. Vigorous demand in China, No.3 importer in the world, has considerably stimulated economic growth in other Asian countries, especially those in South Asia. Likewise, increase of India’s demand will also drive economic growth in South Asia and other parts of Asia.
Without the development of China and India, economic globalization is unlikely to happen. Economic globalization is closely related to and contingent upon economic modernization of developing countries. As the largest developing countries in the world, while the GDP of China and India only represents 4 percent and 2 percent of the world’s total respectively, their total population accounts for nearly 40 percent of the entire global population. Thus either country’s failure in modernization would lead to breaking a link in the chain of economic globalization, putting a halt to the whole process. In contrast, if China and India could realize modernization earlier than expected, the whole process of economic globalization would be accelerated and the world economy would be well placed to embrace prosperity.