Resurging Asian Giants: Lessons from the People's Republic of China and India

Abstract

The developmental successes of the People's Republic of China (PRC) and India are eshaping the economic landscape of not only Asia but also the world. The diverse and rich development experiences of these two countries emanate from the wide differences in their economic policies and systems, dissimilarities in their institutions, and their social diversities. However, their development challenges are similar. The PRC and India can learn from each other's experience in meeting their common challenges. The successes and failures of the PRC and India in their quest to transform and grow will also provide some valuable insights on development policy to other developing countries in Asia. At the 39th Annual Meeting of the Asian Development Bank (ADB) in Hyderabad, India, the Prime Minister of India suggested that ADB supports studies on the development experience of the PRC to benefit India and other developing countries. The Ministry of Finance of the Government of the People's Republic of China supported the suggestion and also expressed its interest in studying India's development experience. Responding to these requests, ADB provided a technical assistance grant (RETA 6398: A Program of Studies on the Development Experience of the PRC and India) for conducting the studies. The program started in August 2007.