Responsible partner for growth

China's pragmatic cooperation with neighbors has helped maintain regional stability and common development

From the 1950s to late 1980s, the economies of Japan, the Republic of Korea (ROK), Taiwan, Hong Kong, Singapore, Thailand, Malaysia and Indonesia realized such remarkable growth it became known as the "miracle of East Asia".

At the beginning of the 1990s, the drastic changes in Eastern Europe and the disintegration of the Soviet Union marked the end of the Cold War. The United States and other Western countries pressed the Japanese yen to appreciate sharply, which ultimately led to the collapse of Japan's economic bubble. The so-called Flying Geese Pattern, in which the less developed nations in the region were viewed as being aligned successively behind the advanced industrial economy of Japan, collapsed quickly and profound changes took place in Asia's political and economic landscape.