Japan, China and the United States: Economic Relations and Prospects

Courtesy Reuters

Interest in the future of the Pacific region has been increased in the past year by dramatic events, notably the conclusion of a peace treaty between China and Japan and the normalization of relations between the United States and China. And, over a longer period, the realization has grown that the Western Pacific region-which includes Japan, Korea, Taiwan, Hong Kong, the ASEAN countries (the Philippines, Thailand, Malaysia, Singapore, and Indonesia) and China-is one of the most dynamic areas in the world in terms of economic growth and development.

Although Japan's rate of economic growth since the 1973-74 oil crisis has been reduced from around ten percent to about five to six percent, the country still maintains a higher growth rate than any of the other industrial nations. South Korea, Taiwan and Hong Kong have been growing at about ten percent per annum, even since the oil crisis, and their trade

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