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  • Print publication year: 2010
  • Online publication date: May 2011

Introduction and overview

Summary

The rise of China and India as global economic powers has now become conventional wisdom. A recent Financial Times report, quoting the International Monetary Fund (IMF), observes that “the striking thing about the global economy [in 2007] is how little it relies on the U.S. as the main engine of growth. For the first time in 2007, China's rapidly expanding economy has provided the largest contribution to global growth, while half of the world's expansion over the past year has come from three countries: China, India and Russia.” And the implication is this phenomenon's lasting impact on the evolving international economic order. As Martin Wolf notes, “[t]he economic rise of Asia's giants is … the most important story of our age. It heralds the end, in the not too distant future, of as much as five centuries of domination by the Europeans and their colonial offshoots.”

In June 2006, an international symposium was held at the Faculty of Law, National University of Singapore, to study the resurgence of China and India as world powers from the perspective of international economic law and development.

References
Giles, C., “IMF frets over threat of turmoil and trade imbalances,” Financial Times Online, October 18, 2007, at www.ft.com
Hoekman, Bernard, “Doha, development and discrimination” (2007) 12(3) Pacific Economic Review267
,IMF, World Economic Outlook (2007)
Ismail, Faizel, “One year since the WTO Hong Kong Ministerial Conference: Developing countries reclaim the development content of the WTO Doha Round,” in Yong-Shik, Lee (ed.), Economic Development through World Trade: A Developing World Perspective (The Netherlands: Kluwer Law International, 2007)
Srinivasan, T. N., “China and India: Economic performance, competition and cooperation: An update” (2004) 15 Journal of Asian Economics613
Srinivasan, T. N., “Talks suspended, ‘Today there are only losers’,” WTO News – DDA June/July 2006 Modalities: Summary 24 July, at www.wto.org/english/news_e/news06_e/mod06_summary_24july_e.htm
Wolf, M., “Asia's giants take different routes,”Financial Times, February 23, 2005