On June 3, 2020, an Asian Expert Committee, of which Professor Huang Yiping is a member, officially released its report, “An Asian Strategy for Recovery and Reconstruction after COVID-19” (the “Asian Strategy”).
The “Asian Strategy” calls for Asian nations to coordinate their financial, trade, public health and food security measures in order to avoid prolonged stagnation, and push the United States and Europe to join them.
According to Professor Huang, it was the savage impact of the COVID-19 pandemic on the global economy, increasing geopolitical risks and a wave of populism that give rise to the “Asian Strategy”. The US has lost its appetite and appeal for multilateral cooperation. Strategic competition between the US and China will ultimately limit both countries’ capacity for constructive contribution to the global recovery. International cooperation is no easy call. At the time of such big mess, Asian countries should step up and join hands to simultaneously deal with two policy challenges: international health challenges and economic challenges to exit from the crisis. Struck first by the virus, these countries are positioned to restart their economies sooner. During the past half a century or so, Asian countries have been among the best performing economies in the world, and are key beneficiaries and strong supporters of an open global trade and investment regime. Asia can thus lead the exit from the health crisis and drive the global economic recovery.
The report specifically calls on more partners to join in the collective commitment of funds to Access to World Health Organization's COVID-19 Tools Accelerator and the expansion of the COVID-19 ASEAN Response Fund. In digital transformation, China has accumulated some useful experience and can engage with other countries in Asia to work on it.
The “Asian Strategy” has gained insights of experts in different areas, and gone through multiple amendments by their group discussing in videoconferences, which were well coordinated by the secretariat, the Asian Bureau of Economic Research. In this geopolitically fractured world with increasing economic instability, the report is expected to not only help developing countries in this region combat the public health and economic dimensions of the crisis, but also promote Asian nations to reach an agreement on multilateral cooperation, while sending a signal to the rest of the globe to facilitate international cooperation.
