In 2021, half of the world’s population was in the Far East. Half of the top 20 countries by population are from the Far East: China, India, Indonesia, Pakistan, Bangladesh, Japan, the Philippines, Vietnam. The Far East Economic Circle accounts for 40% of the global GDP and contributes more than 50% of the global economic growth. Between 2015 and 2030, the consumption of the world’s middle class is expected to increase by 30 trillion U.S. dollar, with Europe accounting for only 1 trillion U.S. dollar, and more than a half is from the Far East.
In the past two hundred years, European colonial invasions have forced the Far East to break up into many fragmented regions, which were economically backward and dependent on the West, and all partieswere at a standstill. After the Cold War, the countries of the Far East are trying to form a unified system. In 1999, ASEAN formally integrated 10 countries in Southeast Asia, and established the “10+1”, “10+3” and “10+8” mechanism around ASEAN with China, South Korea, Japan, and the United States. Since the beginning of the 21st century, ASEAN has maintained an average annual growth rate of around 5% and has been the third largest economy in Asia and the sixth largest economy in the world.
ASEAN is an important part of the rise of the Far East, which fully proves the misunderstanding from the West, that the Far East is a China-centered region, and even believes that the only bright spot in the development of the Far East is the rise of China. In fact, China accounts for less than 40% of the Far East’s population, and the Far East is by no means “China + other countries”. On the contrary, the Far East represents the collective rise and integration process of China, ASEAN and many other countries and associations.
In the past 20 years, the Far East hasbecoming the world’s largest industrial belt, with an international pattern of cross-border labor division among China, Japan, South Korea, and ASEAN. The total export volume has exceeded the sum of the EU and North America. The boom in trade lifted a large number of people out of poverty in the Far East and produced a large number of rich population. Over the past 20 years, more than 1 billion people in the Far East have been lifted out of poverty. Billionaires in the Far East already account for more than 1/5 of the world’s total, and more than 80% of then are first-generation billionaires. In the next 20 years, there will be the largest wealth transfer in history, from both sides of the Atlantic to the Far East. Thousands of wealth management and trust companies are being set up in the Far East.
The Far East is achieving a new height of intelligent revolution. Beijing, Singapore, Shanghai, Shenzhen, Seoul, and Tokyo are among the world’s high-tech cities. Technologies such as autonomous driving, urban IoT deployment, sensor networks, cashless payments, energy-saving technologies, energy storage batteries, urban monitoring, telemedicine and many other technologies are innovating and spreading far faster in Far Eastern countries than in other countries.
The attractiveness of technological innovation has attracted more and more talents to the Far East. Since the 2008 financial crisis, the number of people in the U.S. moving overseas for work or long-term residency has risen sharply, from 4 million in 1999 to 10 million in 2019. The Far East has become the most popular destination for Americans to go overseas. China, Japan, South Korea, Singapore, etc. all have national talent programs to attract entrepreneurs, scientists and innovators to the Far East for stable long-term residency.
Westerners are accustomed to measuring the merits of a country by its democratic politics, but in the Far East, most countries pay more attention to government efficiency and national tolerance, and major investments in infrastructure, employment, education, and medical care. This has enabled many countries in the Far East to develop a path that suits their own national conditions. They transcended the shackles of “the conclusion of the end of history”, avoided the troubles of American-style veto politics, and developed their own countries based on sustainability.