The year 2018 saw dramatic shifts in the political and economic landscape in the world. There was meaningful progress in talks on the denuclearization of the Korean peninsula, a step towards global peace. In contrast, the trade war triggered by US tariffs on China generated severe tensions in the global economy.
China, which had led the economic growth of East Asia for the past three decades, now suffers its slow growth, signs of soaring unemployment, overinvestment and excessive supply, and a deteriorating current account balance with a massive debt pile. For political stability and economic prosperity in Asia, therefore, economic cooperation and systematic integration among neighboring countries are promptly called for.
Aiming at resilient peace in East Asia, this session reviews the current economic situation and challenges for economic stability in the region. This session further addresses how East Asian countries can pursue win-win cooperation and integration to achieve stability and common prosperity.