A comparative study of regional strategies of Northeast Asian countries

Abstract

After the global financial crisis in 2008, the US and Europe have experienced anemic economic growth, whereas Northeast Asia has become the most economically dynamic region worldwide. The region faced such challenges as rapid economic globalization and regional economic integration, in-depth adjustment of global economic and trade patterns, the Obama administration’s “Asian Pivot” strategy, and domestic economic transformations. To address these challenges, Northeast Asian countries put forward development plans and regional strategies: Japan’s “Abenomics” since 2012; China’s “Silk Road Economic Belt” and “21st Century Maritime Silk Road” since 2013; South Korea’s “Eurasian Initiative” proposed by President Park Geun-hye in 2013; Mongolia’s “Prairie Road” Plan since 2014; “Eurasian Economic Union” led by Russia since 2015; the TPP revived by Japan as CPTPP after the US withdrawal; and the “New North” policy proposed by South Korea’s newly-elected president Moon Jae-in in 2017. These projects reflect the countries’ determination to play a more active role in the bilateral and multilateral cooperation in the region. The regional strategies are shaped by each country’s specific economic conditions, geopolitical and diplomatic needs. Although these strategies are somewhat competitive in such aspects as resources and influence, they also offer more prospects for cooperation and integration of regional economies.