ABSTRACT
The literature on the Asia-Pacific, as on the international system as a whole, is studded with references to 'change, 'flux and 'transition'. For many observers rapid and sustained economic growth has become the distinguishing feature of East Asia's economic performance. China's strategic reorientation is reflected in relations with the United States and Japan, but also with much of East Asia, hence the relatively quick succession of moves culminating in diplomatic normalisation with Indonesia, Singapore and South Korea the marked increase in trade and investment links with Taiwan. The Asian 'economic miracle' has meant that the newly industrialising country, in particular South Korea and Taiwan, have become net suppliers of capital to world markets. With the possible exception of Myanmar, all East Asian economies, including those with communist governments, are increasingly open to foreign investment and trade. Japan has emerged as a major centre of economic power, but its position, even regionally, is far from hegemonic, ideologically, politically or structurally.
