Three challenges to Asia’s global ascent", 9/03/2012, http://www.eastasiaforum.org/2012/03/08/three-challenges-to-asia-s-global-ascent/
The three areas Koh listed are all very
important issues that many Asian countries face, and should and must
be dealt with sooner or later.
I somehow am confident and optimistic
that those issues will be able to be dealt with and resolved in the
due course.
Although I have been aware that Gini is
high and has been on the rise in China and many people have used that
as a big problem in the rapid growing Chinese economy, I didn't
realise that Gini is 0.48 in Singapore. I think that China will pay
more attention to inclusive growth and achieve better equity in terms
of income distribution as its income level rises and as its labour
force turns from surplus to relatively scarce especially in the
context of rapid growth of the economy and of physical capital
investment.
In terms of environment sustainability,
it is likely that we will see gradual and significant improvement in
some fast growing economies, especially China, as it's economy enters
into a stage of extensive physical quantity growth to intensive
quality and value growth phase. I think China, leaving aside
urbanisation that will still be dominated by extensive physical
growth, is very close to this critical transition. Besides, as income
level rises, the relative value people place on environmental goods
will rise so naturally from now on we are likely to see more "demand"
for environmental goods relative to other goods.
Corruptions in many Asian countries are
reported to be serious. However, I do believe that it is likely to
decline and possibly significantly so in major large fast growing
Asian countries, especially in China.
If China is one of the best
representatives of Asian fast growing countries, especially when its
size and share in those fast growing economies are concerned, my
confidence and optimism in them to resolve those three issues seems
to be justifiable.
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