The economic rise of China and India has begun to alter the regional and global landscapes. Both countries are on steep learning curves, and if they continue on current trajectories, both will inevitably play a bigger role on the world stage.
The rapid economic emergence of China as a global trading and manufacturing powerhouse and the world's leading destination for foreign direct investment (FDI) is by now conventional wisdom. Between 1985 and 2003, China has consistently been the world's fastest-growing economy, with average real annual growth of 9 per cent.
India's rise is of somewhat more recent vintage. While the country has been gradually liberalising since the mid-1980s, the turning point was the balance of payments crisis in 1991. Since then, its growth has become far more broad-based and more durable.
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