China and the future of the developing world: the coming global-Asian era and its consequences

China is beginning to reshape the world, presaging a new phase of globalisation: a ‘global-Asian era’. This new era is likely to be distinct from any of the earlier phases of globalisation and China’s global footprint, in terms of its business, economic and political actions and their geopolitical implications, is likely to be markedly different from what has gone before. This paper offers a framework to understand the coming global-Asian era (GAE) and some of its consequences, with particular reference to the developing world.

Having discussed the nature and dynamics of the GAE, the paper turns to sketch a series of vectors (trade, aid and energy security) along which the GAE is beginning to impact on developing countries. The paper argues that, at least for these vectors, the Chinese-driven GAE is providing opportunities as well as dangers for national development projects. It concludes by briefly speculating on the viability of the GAE.