810 Words4 Pages
3. The economic crisis of 1990‘s strengthen the need of united East Asian counties to balance American hegemony.
Japan's economic development has driven the regional economic cooperation in Southeast Asia. August 1967, the foreign ministers of Philippines, Indonesia, Malaysia, Thailand and Singapore held meeting in Bangkok, and signed the "Bangkok Declaration" that the association of south-east Asian nations (ASEAN) was proclaimed was. Throughout the cold war, ASEAN with its unique ideas and approaches of regional cooperation carefully maintained the regionalism which based on the ASEAN, and Ensures this regional peace and stability. And after the cold war, ASEAN was positive build cooperation with China, Japan, Korea and other countries what promoted the prosperity of the regionalism in asia' class='brand-secondary'>East Asia. But the reason why ASEAN began to actively build cooperation with other countries and regions because they was affected by the economic crisis in 1990's.
Japan as the largest partner its economic recession, its economy was stagnated because the bursting of the bubble economy, and the international competitiveness of Japanese companies also showed a downward trend. Japan's GDP growth rate decline from 4% to 1%, and RJ GDP growth rate also fell from 3% to 1 %( Chen Fengjun, 2002). In addition, another big market the U.S. also present that weakened state of its economy, in order to alleviate the economic crisis, Japan and ASEAN have begun to actively look for other markets and more extensive regional cooperation.
1990 Malaysia's former Prime Minister Mahathir bin Mohamed Proposed the East Asian Economic Group (EAEG) represented the idea of an exclusivist East Asian regionalism. 1995, Dr. Mahathir Mohamad made a prediction for the future of...

... middle of paper ... increase of 21.4%; the total retail sales of consumer goods reached 5.4 trillion Yuan, an increase of 13.3%; the import and export trade volume totaled 1.15 trillion, an increase of 35.7%( Zhu Rongji, 2000). At the same time, China's rapid economic growth also brought tangible economic benefits to its neighboring countries. since 1997,China and ASEAN annual bilateral trade grow 20%。In 2000,The volume of trade between China and ASEAN reached 395.22 billion。In 2001, in the case of the global economic recession, investment and trade between China and ASEAN remain significant growth, bilateral trade volume reached 416.15 billion. In addition, China is gradually become an important capital export country and technology partners with ASEAN, In 2000 China's investment in Laos, Vietnam, Cambodia accounted for more than 15% of the total foreign investment(UNCTAD, 2001).


      Open Document