The Good Neighbor Policy
Started by the Chinese Communist Party (CCP) in the mid-1950s, the good neighborhood policy resulted in the streamlining of China’s relations with the other Asian countries. In fact, the notable aspect about the policy is that it is only until the recent years that China put more emphasis after the economic powerhouse realized that the Asian market could form a stable partnership association that could be boost in the economy for a large part of the future. In the turn of the new century China is reportedly noted to have acted as a pioneer in in increasing its leadership significance. The boost was further enhanced by China’s former foreign minister acknowledging of the fact that the country’s friendship and partnership would prove instrumental in enabling the region to realize the dream of becoming an economic powerhouse in the subsequent century.
Financial Crises as a Binding Aspect
The growth of China has also been founded on the fact that the Asian economic block has been associated with major financial crises that have brought related countries together. Following the crisis that first occurred in 1997/1998 and a subsequent one that occurred in 2008/2009, Asian countries and particularly China, have realized that there is a need to cooperate amongst themselves to avert the potential challenges. For example, it is described that in the aftermath of the Asian financial crises, the liquidity problems that were faced by the countries led to the economic difficulties with each of the affected countries trying to formulate ways of surviving the crises by themselves. For the 1998 financial crisis, the challenge led to a strong cooperation effect as government leaders and official from the three Northeastern counties which included Japan, China and South Korea met to consult on the range of issues that were affecting them and other neighboring counties within the bloc. The result was the strengthening ties through focusing on the regional groupings with the APEC largely referred to in the process.
It is noted that the growth China into being the second most stable economic giant in the world today in founded on the regional cooperation that have since been established in Asia. Among the most significant players have include the Asia-Pacific Economic Cooperation the Central Asia Regional Economic Cooperation, the Greater Mekong Subregion, and the Good Neighbor Policy. Also worth highlighting is the fact that the two financial challenges experienced in 1998 and in 2009 led to increased networking with strategies initiated that would later guarantee economic stability in the Eastern economic blocs.