Whether the rest of Asia and the Pacific like it or not, China may prove to be a much more influential driver of development in the region in the next few years — what with the country’s growing infrastructure investments in developing Asia and Africa, talks of a China-led infrastructure bank and the establishment of a new multilateral development bank where China will also be a major player.
This is something other economic giants such as Japan, South Korea and Australia — three donor countries that have yet to sign up to the Asian Infrastructure Investment Bank — need to consider if a concerted effort toward inclusive and sustainable development in the region is to be achieved.
But China is not the only Asia-Pacific country that may steer the region’s development course. Over the past 12 months, Asia-Pacific has seen a tremendous shift in both economic growth and development progress. While Myanmar has continued to implement the necessary reforms to attract foreign aid and investment, other Southeast Asian nations and the rest of the Pacific remain highly vulnerable to the disastrous effects of natural disasters and climate change. South Asian nations, meanwhile, are still plagued with sanitation and health issues.
About the author
Lean Alfred Santos@DevexLeanAS
Lean Alfred Santos is a former Devex development reporter focusing on the development community in Asia-Pacific, including major players such as the Asian Development Bank and the Asian Infrastructure Investment Bank. He previously covered Philippine and international business and economic news, sports and politics.
