Over the past three decades, East Asia enjoyed political stability and economic growth, with the Asian regional division of labor being well-established among neighboring countries. As China’s investment-led growth has slowed, however, economic tensions have developed in Northeast Asia. On the one hand, Asia’s excessive supply as a result of overinvestment and trade friction with the U.S. appears likely to continue for the foreseeable future. On the other hand, as China attempts to ascend the value chain, its relationships with its neighboring countries such as Japan and South Korea are becoming more competitive in various industries. To promote peace and harmony in Asia, this session examines the current economic landscape in the region and invites discussion on how Asian countries can pursue harmonious and mutually beneficial cooperation to rebalance the economic order and achieve common prosperity in Asia.