ABSTRACT
‘The world is experiencing one of the biggest revolutions in history, as economic power shifts from the developed world to China and other emerging giants’, observes The Economist. The prestigious international weekly news magazine continues, ‘Thanks to market reforms, emerging economies are growing much faster than developed ones. There is a widening gap between their growth rate and that of the sluggish developed world…. According to the IMF, this year they are growing almost four times as fast.’ 1 An internationally recognised authority on contemporary Chinese affairs and international politics, Professor David Shambaugh believes that Asia is changing, and one of the primary catalysts of change in the region is the rise of China. He states:
The structure of power and parameters of interactions that have characterized international relations in the Asian region over the last half century are being fundamentally affected by, among other factors, China's growing economic and military power, rising political influence, distinctive diplomatic voice, and increasing involvement in regional multilateral institutions. 2
