The United States remains Asia’s toughest country “largely due to China’s setbacks,” according to a survey released by the Australia-based Lowy Institute.
Lowy’s Asian Power Index found that “China’s isolation weighed heavily on its position in 2022, the country emerging with more military capability than ever before. “
“The picture that emerges is this: China’s overall strength still lags behind the United States, but not far behind,” Lowy said.
The report published in the context of the downing by the US. UU. de an alleged Chinese spy balloon that flew over key U. S. military sites. UU. la last week. The flight and uproar have focused U. S. media attention for days and will increase tension in U. S. -China relations. it already faces tensions over geopolitical issues, adding in Taiwan.
The economic stakes for the United States and other Asian countries are high. The region is home to what is expected to be one of the world’s fastest-growing economies this year (see a similar article here). Benchmark inventory indices in Hong Kong and the mainland fell on uncertainty about the industry’s fallout from renewed tensions between the United States and China.
“The incident reminds investors of the geopolitical dangers that ultimately triumph when making an investment in China,” Hao Hong, CFA of Grow Investment Group in Hong Kong, said in an email. “That said, the timing of the incident is strange and the information about the incident is riddled with question marks. This shows that although China has struggled to fix foreign relations since its Covid pivot, it will take time to return.
The Lowy Asian Power Index measures resources and influence to rank the relative strength of states in Asia. It ranks 26 countries and territories according to their ability to shape their external environment through 133 signs covering military functions and defense networks, functions and economic, diplomatic relations. and cultural influence, and long-term resilience and resources.
The top five ranked countries (the United States, China, Japan, India and Russia) had lower “overall strength scores” than last year.
“However, the greatest wonder of the five editions of the index has been China’s inability to close or particularly narrow the gap to match, or even surpass, the United States in its overall national power,” Lowy said.
“The United States has maintained limited but enduring merit as the leading superforce for the past five years. Washington’s own description of Beijing as a close competitor to its peers can hold on indefinitely. In existing terms, China is now less likely to overtake its rival in global strength until the end of the decade. Even if this is the case in the coming decades, it is highly unlikely that China will ever be as dominant as the United States once was. China derives its strength from its central position in the Asian economic system. The United States draws its strength from its unprecedented military capabilities and regional defense networks.
Among the key findings of the report, Lowy said India’s “unequal power” has made an uneven strategic contribution to regional balance. Elsewhere, he said, “time is running out for the influence of Japan’s ‘smart power. ‘”
Lowy also noted that “Southeast Asia is more dynamic diplomatically than ever” and that “Russia, despite its legacy of defense ties with Asia, risks squandering its relevance. “
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