Asia's rapid economic growth

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Asia’s rapid economic growth and Asian Development Bank -ADB

  • The annual report-, released by the Asian Development Bank (ADB) has warned that Asia’s rapid economic growth may undermine stability, of economies because the gap between the rich and poor is widening. According to the report a key inequality measure has increased to an average reading of 38 in Asia. Asia’s figure is climbing as it declines in the other regions like latin America and Africa. China, India and Indonesia have seen significant growth in inequality. The ADE uses the Gini coefficient to quantify the inequality gap, and says that the higher the figure, the bigger the problem. in its report, the ADO said that the Gini coefficient in China had increased to 43 in 2010, from 32 in the early 1990s. For India, the figure rose to 37 from 33 during the same Period. in Indonesia it jumped to 39 Irons 29. The ABD also found that the number of people living below the poverty line of $1.25 0.80) a day fell by 430 million between 2005 and 2010. Coin forward, the key will be ensuring the region’s economic expansion is evenly distributed, the ADB said.
  • The First Visit bye, Turkish Leader To China In 27 Years
  • Turkish Prime Minister Recep Tayyip Erdogan with a delegation of 300 businessmen was on official visit to Bei­jing to boost business and political ties between the rising powers with boom­ing economies, despite differences over Syria and China’s ethnic Uighur region.
  • This was the first visit by a Turkish head of state to China in 27 years.
  • Premier of China Wen Jiabao’s Turkey visit in October 2010 also gave a strategic meaning to the bilateral rela­tions. Aims including the increase of the bilateral trade volume from 17 billion to 50 billion dollars within five years and using the Turkish lira and yuan for trade instead of the dollar indicate the changes in the balance of the global political economy.
  • These aims were reemphasized dur­ ing the visit of Vice President Xi Jinping in February 2012 and then the visit of Prime Minister Erdogan’s in April 2012. Close relations, especially in nuclear en­ergy and railways, are projected for the two countries. Turkey is planning to set up an almost 5,000 kilometer-long rail network with Chinese firms. The project of a “modern silk road” that has been discussed for twenty years but has not been realized is highly significant for Turkey’s trade with China, the Caucasus and Central Asian countries. The route of a “silk railway” from China to Europe will both increase the level of trade and expand the economic integration between countries along the route.
  • After the 2009 Xinjiang protests, Erdogan was vocal in his disdain for the “atrocities” Beijing afflicted on
  • China’s Uighur population. In his recent visit his first stop was Urumqi, capital of China’s sensitive Xinjiang Uighur Autonomous Region. The Uighur people, who make up 45% of the population in the region, are a Turkish ethnic group with strong historical, cultural, and linguistic ties to the people of Turkey (indeed, the Ui­ghur language has been called Eastern Turkish, and the term East Turkestan is a common and politically charged toponym for Xinjiang). While trade and investment, renewable energy, Syria and a nuclear summit with Iran were high on the agenda, showing support and sympathy for the Uighur people appeared to be equally important to the Prime Minister. They rarely enjoy such vocal support from foreign leaders.

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