Hangzhou, 29 January 2024: Dr Lili Yan Ing, Lead Advisor for the Southeast Asia Region at ERIA presented a comprehensive analysis of Asia’s economic transformation from 1970 to 2022 at the 1st International Forum on Asian Development. The 1st International Forum on Asian Development was held at Zhejiang University from 29 to 30 January 2024.

The forum brought together prominent speakers and experts to discuss the impacts of climate change, de-globalisation, and digital transformation on Asian development. Key speakers included Huang Xianhai, Kabir Jurazoda, Lu Xuedu, Yosuke Tsuyuguchi, and Sry Chrea. The event featured panel discussions, expert presentations, and field visits to explore national common prosperity pilot initiatives, low-carbon development, and digital transformation practices in the Hangzhou-Huzhou area.

Organised by the Centre for International Studies on Development and Governance, Zhejiang University (CiSDG) and The Institute for International Affairs, Qianhai (IIA), with support from the Asia Development Bank (ADB) and ADB-PRC Regional Knowledge Sharing Initiative (RKSI), the forum aimed to shape the future trajectory of Asia’s economic prosperity by reviewing existing studies and defining a research agenda.

In her presentation, Dr Ing highlighted that over the past five decades, Asia has experienced a profound economic transformation. The region has seen a shift in global economic power, with emerging economies, including China, South Korea, and India, as well as ASEAN nations, increasing their share of the world economy in key areas such as total output, trade, manufacturing, and foreign direct investments. This growth has come at the expense of some developed countries, whose influence has waned since the early 1970s. The research for this transformation is compiled in a chapter by Ing and Lin included in the upcoming book by Lili Yan Ing and Dani Rodrik titled Economic Transformation in ‘New Global Economic Order,’ forthcoming in July 2024.

In addition, she outlined the challenges faced by Asia, including rising protectionism, geopolitical tensions, and the need to address issues related to value-added growth and climate change. She also emphasised the need to improve cooperation, deepen trade and investment ties, enhance the trade and investment climate, optimise the use of digital technologies, and promote sustainable development to ensure continued economic growth and stability in the region. 

 Presentation