On October 19, a financial news flash reported that the 2026 Bund Summit, themed "Technology, Geopolitics and the Global Economy," is being held in Huangpu District, Shanghai, from October 19 to 22, 2026.
Takehiko Nakao, Chairman of the Japan Center for International Economic and Strategic Studies and former President of the Asian Development Bank, attended the conference and participated in a roundtable discussion.
Nakao stated that the core driver of Asia's economic takeoff comes from market competition, combined with local government dynamism, investment in education and infrastructure, relatively effective governance, and sound macroeconomic policies, rather than being simply a development miracle or the result of state-led efforts.
He pointed out that a prominent feature of Asian economies is their commitment to integrating into the global system and pursuing open development. Asia has adopted an export-oriented strategy, and this outward-looking system not only promotes exports but also attracts foreign investment and boosts imports.
Asia's growth dividend also relies on the relatively peaceful environment across the region as a whole and its demographic dividend.
Whether Asia can sustain its growth momentum in the future depends on continued investment in human capital and infrastructure, adherence to regional economic openness, maintaining a peaceful regional environment, and continuously advancing trade and foreign investment liberalization.
Nakao also said he has long been optimistic about Asia's demographic and economic potential, but one should not be blindly optimistic.
He emphasized that demographic transition is a severe challenge. Japan has already deeply felt the enormous impact of aging and population shrinkage, with the demographic structure inverted from the traditional pyramid shape, and a large amount of resources tilted toward elderly care and medical services. This is also one of the important reasons for Japan's slowing economic growth, not merely the result of the asset bubble and balance sheet adjustment.
Many countries are seeing persistently low fertility rates, and such trends are rooted in changes in social values. It is very difficult to reverse them simply through supportive policies such as maternity leave. How to adapt to population shrinkage and aging is a common challenge for all countries.
He further analyzed that the core challenges facing different Asian economies vary. Japan needs to break away from its long-term reliance on government and central bank expansionary intervention, revitalize society and enterprises, regain the entrepreneurial spirit, increase future-oriented investment in research and development and education, and promote reasonable wage growth; the focus for emerging economies such as ASEAN lies in raising education levels and promoting industrial upgrading.
Comments