SINGAPORE — China is outpacing the United States and Japan as Asia's top trading partner. Can Washington and Tokyo make up lost ground in the competition for economic influence that is shaping future geopolitical alignments and institutional architecture in the region?
While China continues to boom, both Japan and the U.S. have weak economies. Japan's malaise took hold in the early '90s and some Chinese analysts believe that America is locked into long-term decline.
Yet the U.S. remains by far the world's biggest economy and most attractive market. Japan too, despite its problems, is not far behind China in economic heft. When combined, the U.S. and Japanese economies greatly outweigh China and will do so for many more years.