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If one had any doubts about the world being in the midst of a huge power shift, events this month should have dispelled those. From Europeans appealing to China to save the euro to President Barack Obama arriving in Bali to lobby for Asian support, the transformation is evident. Less clear is who will lead the world in the 21st century and how. There is plenty of talk about the 21st century being an Asian century, featuring China, Japan and India. These countries certainly seek an enhanced role in world affairs, including a greater share of decision-making authority in the governance of global bodies. But are they doing enough to deserve it?

The intervention in Libya, led by Britain and France, and carried out by NATO, says it all. There is no NATO in Asia, and there's unlikely to be one. Imagining a scenario in which China, India and Japan come together to lead a coalition of the willing to force a brutally repressive regime out of power, or undertake any major peace and security operation in their neighborhood, is implausible.

China and Japan are the world's second and third largest economies. India is sixth in purchasing-power parity terms. China's defense spending has experienced double-digit annual growth during the past two decades. India was the world's largest buyer of conventional weapons in 2010. A study by the US Congressional Research Service lists Saudi Arabia, India and China as the three biggest arms buyers from 2003 to 2010. India bought nearly $17 billion worth of conventional arms, compared to $13.2 billion for China and some $29 billion for Saudi Arabia.

Chinese, Indian and Japanese foreign policy ideas have evolved: India has abandoned non-alignment. China has moved well past Maoist socialist internationalism. Japan pursues the idea of a "normal state" that can say yes to using force in multilateral operations.

But unfortunately, these shifts have not led to greater leadership in global governance. National power ambitions and regional rivalries have restricted their contributions to global governance.

President Hu Jintao has defined the objective of China's foreign policy as to "jointly construct a harmonious world." Chinese leaders and academics invoke the cultural idea of "all under heaven," or Tianxia. The concept stresses harmony - as opposed to "sameness," thus signaling that China can be politically non-democratic, but still pursue friendship with other nations. China has increased its participation in multilateralism and global governance, but not offered leadership. This is sometimes explained as a lingering legacy of Deng Xiaoping's caution about Chinese leadership on behalf of the developing world. More telling is China's desire not to sacrifice its sovereignty and independence for the sake of multilateralism and global governance, along with limited integration between domestic and international considerations in decision-making about issues of global governance. Chen Dongxiao of the Shanghai Institutes for International Studies calls China a "part time leader" in selected areas of global affairs.