Asian Century:

The Rise of China

as a Global Power
Bhagya Senaratne
Lecturer | Department of Strategic Studies
General Sir John Kotelawala Defence
University
Learning Objectives
• To demonstrate an
understanding of the various
rising powers in the Asian
Century.

• To describe China’s accession to

global power.

• To analyse China’s growth and its

contribution to international
affairs in the future.
2
What is your
understanding of the
Asian Century?

3
AsianCentury:
An Introduction

4
5
• Developing economies
• Asian economies will increase from $17
trillion in 2010 to $174 trillion in 2050
(ADB, 2011).
• Trade with Europe and other regions
essential
• Populous countries > increasing
bourgeois
• Increase from 4.3 billion to 5.2 billion
in 2050 (United Nations, 2019).
• An abundance of natural resources
• Asia’s rise largely depends on access to
energy resources from the Middle East
and natural resources from its
neighbours. 6
China’s Rise

Past, leading up to the

Present

7
 What measures have China
employed to reach its present
status?

8
• Economic China’s Strategy
• Reform and Opening Up
• 1978 onwards
• Encouraging Foreign Direct Investment (FDI)
into the PRC

• ‘Going Out Strategy’

• Various stages in the 1980s, 1999 > 2010
• Emphasis on technological development
• 1997/98 Asian Financial Crisis
• Overseas investment, marketing,
construction, establishing factories overseas
• Accession to the World Trade Organisation in
2001
• 2007-2009 Financial Crisis
(Guo, 2012; Nash, 2012) 9
• Political

Strong political leadership over

the decades

Continuation of policy
directives

Political leadership towards

achieving the policies determined

10
China
Into the Future

11
What do you think China’s
future will look like?

12
Belt and Road Initiative
• One Belt – One Road > Belt and the
Road > 125 countries
• Driven by interests in vital energy and
trade motives.
• Connects China’s hinterlands with
these economic corridors.
• Being a source of opportunities and
integration for regional markets.
• Economic and infrastructure
connectivity.
13
14
• BRICS
• June 2006 > 2009 + SA in 2010
Supporting Mechanisms
• 30% of global GDP - similar to G-7 economies
by 2030
• Silk Road Fund
• December 2014
• A state-owned organisation funding medium-
to-long term development and investment,
with reasonable ROI
• Shanghai Cooperation Organisation (SCO)
• 2001
• AIIB
• Asian version of the IMF
• Belt and Road Forum for International
Cooperation (BRF)
15
• May 2017
AIIB (2020). Project Summary. Retrieved from https://www.aiib.org/en/projects/summary/index.html 16
 17
AIIB (2020). Project Summary. Retrieved from https://www.aiib.org/en/projects/summary/index.html
The Economist Intelligence Unit, 2019 18
The Future of BRI: Promises and Roadblocks
• “Greener and cleaner” policies – Xi at
the 2019 Belt and Road Forum (BRF)
• Effectiveness and longevity of
projects.
• Consensus between countries
• Realities in the post-Covid-19 era
• Financial Assistance (loans)
• Investments
• Cultural barriers / governance issues.
• Security discourses surrounding the
project.
19
Conclusion

20
Conclusion
• 21st Century = definitely an Asian Century
as the focus shifts from the West to the
East.
• Increased attention towards ‘Indo-Pacific’
by countries.
• Economic might, lead by China, surpassing
the capabilities of the rest of the world.
• Resource rich – an abundance of biological
to natural resources
• Projects such as the BRI provide impetus
for economic growth and connectivity. 21
Food for Thought

• What is your perspective on the Asian Century

vis-à-vis China?

• Do you think an Asian Century will be

successful?

• Do you think China’s rise is certain?

• What challenges do you think Asia will face?

22
 Recommended Reading
• ADB. (2011). Asia 2050: Realizing the Asian Century. Retrieved from
https://www.adb.org/publications/asia-2050-realizing-asian-century

• Asian Infrastructure Investment Bank. (2020). Home. Retrieved from

https://www.aiib.org/en/index.html

• Belt and Road News. (2020). Home. Retrieved from https://www.beltandroad.news

• Guo, R. (2012). Understanding the Chinese Economies. Amsterdam: Academic Press.

Retrieved from https://books.google.lk/books?id=oWc2I03-UQIC

• Khanna, P. (2019, March 08). Why we're living in the 'Asian Century’. Retrieved from
https://www.weforum.org/agenda/2019/03/why-were-living-in-the-asian-century
23
• Nash, P. (2012, May 10). China’s Going Out Strategy. Diplomatic Courier. Retrieved from
https://www.diplomaticourier.com/posts/china-s-going-out-strategy

• The Economist. (2019, September 26). Belt and Road Quarterly: Q3 2019. Retrieved
from
http://country.eiu.com/article.aspx?articleid=1368478720&Country=China&topic=Econ
omy

• United Nations. (2019, June 17). Growing at a slower pace, world population is expected
to reach 9.7 billion in 2050 and could peak at nearly 11 billion around 2100. Department
of Economic and Social Affairs. Retrieved from
https://www.un.org/development/desa/en/news/population/world-population-
prospects-2019.html

24
ThankYou
Bhagya Senaratne
bhagya.senaratne@kdu.ac.lk
http://www.kdu.ac.lk/departmen
t-of-strategic-
studies/staff/academic/14-
staff/181-ms-bhagya-senaratne