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Asia is facing serious environmental challenges including urban air pollution and the effects of global climate change. As a major source of greenhouse gases, what happens in Asia will play a crucial role in determining the extent to which the world warms over coming decades. This paper reviews key environmental challenges faced by the region and the growing opportunities for a transition to a cleaner economy powered by zero-emission energy sources. Economic mechanisms – including emissions pricing, reverse auctions, and renewable portfolio standards with green certificate schemes – have the potential to underpin a much greener development model for the Asian Century.

The sustained growth and importance of Asia as a hub of economic, social and political activity has attracted significant foreign direct investment and opportunities for economies from the West and other parts of the world to invest in this fast growing region. Regional headquarters and global innovation hubs of large multinational corporations (MNCs) are evidence of an Asian century phenomenon. The proliferation of tax havens in the region or the use of tax havens by firms in the Asian region is no surprise. This is evidenced through a complex and systematic policy choice by power coalitions, to facilitate their interests as well as trade and growth in the region. This proliferation has also had an impact on the changing identity of Asian MNCs in Asia. In this paper, we highlight this new and pervasive trend by presenting findings from recent research in the region on the topic of tax havens and identities of Asian MNCs.

The article aims to specify the influence of the projects the Greater Eurasia and the Indo-Pacific Region on the prospective relations between Russia and ASEAN. The key component of its novelty is the authors’ original criteria of comparing the two projects: the degree of consolidating agenda of cooperation between their current and prospective participants, the congruence with the East Asia’s – assuming that it will be the economic driver of the forthcoming Greater Eurasia and Indo-Pacific Region – modality of multilateral dialogue and the preconditions for the survivability of both projects in the long-term perspective. Making this comparison, the authors substantiate the view that the Greater Euraya sian Partnership is far more competitive that the Indo-Pacific Region. Exploring cooperation between Russia and ASEAN through the prism of their forthcoming strategic partnership, the authors offer an original interpretation of the reasons behind the presently insufficient cooperation and its most likely future directions proceeding from the mutual influence of Russia’s and ASEAN’s prospective planning and the emerging global context. In the near future, combating international terrorism and strengthening connectivity will come to the forefront of Russia’s and ASEAN’s priorities, with the focus shifting from Southeast Asia to the Eurasian area. In the authors’ view, if the present trends continue the aftereffects of the Indo-Pacific Region can stimulate downward trends in the Russia-ASEAN relationship. This will be premised upon the decrease in effectiveness of the Asia-Pacific multilateral dialogue platforms, likely Russian-Chinese joint maneuvers in the South China Sea and the necessity to specify, along with lack of impressive results, the essence of the Comprehensive Strategic Partnership between Russia and Vietnam as the foundation for the Russia-ASEAN strategic partnership. In its turn, the Greater Eurasia offers Russia and the association new promising possibilities, among which of particular importance are the development of connectivity narrative in Eurasia and combating international terrorism by means of adopting the ASEAN-led dialogue platforms ARF, ADMM+8 and EAS to the future system of security, cooperation and co-development from Lisbon to Jakarta. The realization of the forthcoming shift from the Asian century to the Eurasian century and the emergence of the Greater Eurasia as the second center in the global politics will allow Russia and the association to expand and diversify their cooperation and, in perspective, to develop it on the self-supporting and self-reproducing basis.

However, long before the 9/11 terrorist attacks, multilateral financial institutions and some Western governments had begun promoting a set of policies among developing countries aimed at advancing economic development and reducing poverty. These included the opening to global markets, privatisation of state-owned businesses and utilities, and deregulation of important economic sectors. Despite their enviable success in raising economic growth rates and reducing poverty, a striking common feature of their recent economic development has been the rise in income inequality in both countries. The twenty-first century has been described as the Asian Century because of the rise of China and India as emerging powers. Encouraging competition has been one of the aims of the policies pursued by the Chinese and Indian governments as part of their economic reforms. Rising agricultural incomes contributed to an increase in demand for industrial products, thus providing the much-needed impetus for the growth in industrial output.

It is often said that the 21st century will be the Asian century. Based on population and gross domestic product projections, it certainly looks as if this will be so. Will the existing international financial institutions give more voices, votes, and top positions to Asia? Or will Asia create its own institutions that would rival the old architecture? This present paper argues, first, that China, and possibly India, will be in a position to be so influential that the international financial architecture may have to go through significant changes. Second, the three large crises in the last 20 years have made Asian countries more confident that they can manage capital flows by accumulating large foreign reserves and by adopting sound macrofinancial policies. After 2009, China started to push various initiatives that will amount to creating its own sphere of influence with new regional institutions in the future.

This paper re-reads a selection of critical interdisciplinary theories in an attempt to open a space in higher education for cross-cultural dialogue during the rise of Asia. Theories of globalization, deterritorialization, power/knowledge and postcolonialism indicate that students and academics have the ability to re-imagine and influence globalization processes in higher education. The current power effects of global discourses restrict the imaginaries and territories of globalization – leading to specific enactments in ways that prioritize western understandings of higher education. The paper argues for the need to explore hegemonic discursive formations of globalization to uncover processes of “othering” and the subjugation of knowledges. In this regard, a postcolonial perspective can help by opening up scenarios for the future of higher education in the Asian Century.

Asia is Europe’s largest trading partner and EU-Asia trade relations have undergone a rapid change since the global financial crisis. On a global scale, the new multilateral trade agreements such as the now stalled Trans-Pacific Partnership (TPP) involving European Unions’ (EU) major trading partners such as Japan, Singapore and Vietnam also have the potential to change the trade equations. In this paper, we evaluate the new EU trade policy which has been designed to ensure that the EU benefits from the changing global trade scenario and also look at the steps which have been taken by the EU to promote trade relations with its major trading partners in Asia in the predicted ‘Asian century’. We look into the Free Trade Agreements, which are being negotiated with its Asian partners and seek to understand the reasons which have resulted in delays in their signing and negotiations. We evaluate new policies pushed forward by its Asian partners such as the One Belt One Road policy by China and Japan’s policy of securing a large number of trading agreements in the America. Moving ahead, we also shed light on the indirect factors that may influence the success of EU trade negotiations in Asia such as the EU policy on granting China market economy status and the commencement of the ‘Brexit’ process. Lastly, we try to present a list of immediate priorities for EU in Asia, which will ensure that it secures a toehold in trade with the region. All in all, it is shown that the EU has not one and the same approach for all Asian countries but it negotiates flexibly and individually country by country. Because of this “country by country approach” the EU is also not ready to enter into general EU-ASEAN trade negotiations again.

After its gradual establishment, the investment policy of the European Union experienced turbulent times when the EU and the United States commenced negotiations on the Trans-Pacific Trade and Investment Partnership. While the public and political focus concentrated on the transatlantic relations with the United States (TTIP) and Canada (CETA), the EU has steadily progressed at different paces with third countries in Asia where it commenced trade and investment negotiations with Singapore, Vietnam, Myanmar, China, Thailand, the Philippines and Indonesia among others. This paper seeks to evaluate how the Union has been successful in its “Asia strategy” in the field of investment negotiation and promotion of its reform approach to the investment protection regime. It offers an overview of the EU investment negotiations with the individual partners in the Far East and explores these relationships and their potential implications. It concludes that it is not surprising that the EU already persuaded the first countries in this region about its novel approach because of their strong motivation to conclude agreements with the EU that will ‘modernise’ and ‘harmonise’ the existing investment protection. On the other hand, challenges persist as it remains to be seen in which direction Asian actors will push for in the development of global investment governance.

Background: Socioeconomic trends herald what many describe as the Asian Century, whereby Asian economic, political and cultural influence is in global ascendency. Broadening relevant ties between Australia and Asia is evident and logical and may include strengthening alliances in mental health systems. Aim: We argue the importance of strengthening Asian mental health systems and some of the roles Australian mental health workers could have in promoting strengthening the Asian mental health system. Methods: This paper is a narrative review which sources data from reputable search databases. Results: A well-articulated Australian strategy to support strengthening the mental health system in Asia is lacking. While there are active initiatives operating in this space, these remain fragmented and underdeveloped. Coordinated, collaborative and culturally respectful efforts to enhance health education, research, policy, leadership and development assistance are key opportunities. Conclusion: Psychiatrists and other mental health professionals have a unique opportunity to contribute to improved mental health outcomes in Asia.

Declining fertility and mortality rates in the second half of the twentieth century have led to the twenty-first century being characterised as the century of the aging population. Concurrently, the decline in the numbers of young people entering the labour force is exacerbating the problems arising from the aging population. Implications of these trends are analysed for a variety of Asian countries. Labour force growth in India and Pakistan will be sufficient to compensate for the shrinking labour forces in Europe and Asia excluding the massive fall in China; outsourcing labour to South Asia will be an increasing trend in the twenty-first century. The Asian countries with less problematic demographic structures are instead facing economic challenges and require education and training to improve labour productivity.

This article investigates the significant re-orientation of audio-visual production in East Asia over the last few years brought about by the rise of China, beginning with the proposition that unprecedented change is occurring in East Asian media production. While the ‘Sinophone world’ has been the locus of critical analysis in the past, all eyes are now focused on China. Flows of knowledge, expertise and content are becoming significant in this mediascape, yet this dimension has been overlooked by most scholarship in the field. Conceptual and theoretical frameworks based on cross-border consumption of East Asian content require urgent revision. This article shows how media collaborations are changing global media practice and East Asian media flows through a variety of contemporary international collaborations, as well as relevant policy frameworks that impact, positively or negatively, productions by international partners working in film, television and online and mobile video content.

This chapter argues that Western social democracy is facing a major challenge in attempting to reduce inequality because of a changing geo-economics that is resulting in a relative decline of the West. Given its geographic location, Australia is at the forefront of encountering such issues. Yet, Australian Labor, like many social democratic parties internationally, has often underestimated the challenges involved. In particular, information technology has facilitated phenomena such as offshoring for both unskilled and skilled workers and this tendency is likely to continue. If Australia, with its geographical proximity to Asia and resource rich economy, is feeling the challenge then that will be even more so for other Western social democracies. While the chapter predominantly focuses on Australian social democracy, international examples are given from other countries, including Britain, France, Chile and India. The international literature on globalisation and a changing geo-economics is also examined.

As the so-called ‘Asian Century’ unfolds, Central Asian countries are increasingly directing their foreign relations eastward. Meanwhile, Asian states are equally turning to Central Asia in their search for energy resources and new markets. This dual dynamic is giving rise to closer and deeper ties in three key areas. As far as infrastructures are concerned, various Asian powers have adopted Silk Road policies that see Central Asia as a fundamental transit route for their long-haul connectivity projects. In the field of trade, Central Asia's exchanges with other Asian countries have been growing steadily since the 1990s, in some cases even coming to rival, in comparative terms, exchanges with the West. Lastly, in terms of multilateralism, Central Asia is increasingly enmeshed in a web of overlapping institutions with a strong Asian identity, coexisting with the region's Western institutional references. The article then problematizes this emerging pattern by sketching out some of the possible ramifications that could stem from the sustainment and consolidation of these trends for the international order and the global balance of power.

Sustainable development in the context of international policy is influenced by western values, with few critical evaluations of its application in Asian contexts. This paper presents the interpretation of sustainable development by businesses, civil society, government at various levels and a selection of graduate students in Phuket, Thailand. In all, 78 hours of observations in public meetings, 70 hours of interviews and 10 hours of sectorally arranged workshops were conducted over a period of two years. Data were transcribed and analysed using established qualitative methods. The paper reports how Thai value systems relate to sustainable development concepts and proposes that a culturally appropriate model is needed for understanding the path to a sustainable future in Phuket. Understanding cultural and social values is the key to sustainability. This will require appropriate network-building that creates change towards a culturally sustainable society. We propose that similar cultural adjustment will be necessary for sustainable development to become effective as an organizing concept in Asia.

The Asian Century is rich and already 14 years old. Today, Asia is in the middle of a historic transformation which has brought both challenges and opportunities. To meet these challenges, Asian leaders need to devise bold and innovative national policies for pursuing avenues for regional and global cooperation. In the similar way organisation and business in Asia will transform. This transformative whirlpool calls the Asian private sector and public sector organisations for absorption of new wisdom, values and principles in place of 20th century’s management. Overall, the capacity to respond to the changing global economic landscape through flexibility and adaptivness will carry a high premium. This paper delve the issues how Asian Organisations have already been used the wisdom during the global chaos. Deriving from the examples of Asia in the midst of global chaos in many points of time, this present paper attempts to re-focus on organisational wisdom of commitment and ability for Asian organisation, modernization, governance and helping to retool institutions, for enhancing transparency, and finally to develop accountability for organisational resilience and survival.

The India–Japan “special strategic and global partnership” has been described as one that will define the Indo-Pacific and shape the Asian century. This introductory chapter introduces the reader to a brief history of the growing relationship, defines the hitherto inadequately explored concept of “strategic partnership” in a post-alliance world, explains the objectives, design and relevance of the book and outlines the distinguishing features of the chapters to follow.

As Australia ventures deeper into the Asian Century, the need for outward-looking, global-minded graduates has never been greater. The outbound mobility experience (OME is recognized as one of the most effective tools to facilitate personal transformation and improve cross-cultural competencies. Funded by the Australian Government Office for Learning and Teaching, the project Enhancing Programmes to Integrate Tertiary Outbound Mobility Experiences (EPITOME), launched in 2015, conducted student-focused research into OMEs to provide a comprehensive and usable best-practice guide for tour operators and academic staff and to investigate key challenges to participation in OMEs, as well as lessons learned by experienced facilitators and OME designers. This chapter outlines EPITOME’s research programme and key findings.

Moving deeper into the Asian Century, there is an ever-increasing need for Asia literacy and Asia capability in the workforce. Successive Australian governments have stressed the need for greater engagement with the region and the development of intercultural competency. Meanwhile, universities have stressed the need to internationalize their curriculums in order to produce outward-looking graduates with a global perspective. This chapter argues that outbound mobility experiences are the key to fulfilling both goals. Although the benefits of student mobility are well known, there are several barriers to participation. These must be addressed if outbound mobility is to become a mainstream aspect of the student experience in the Asian Century.

This chapter suggests there is not yet a (modern) Asian Century of public administration. The public administration literature is dominated by Western theories, concepts, and practice. Utilisation of structure and value-based framework allows this chapter to unravel “how we know what we know” in public administration, which administrative histories are valued, and how concepts are modified in Asia. The chapter explores several hurdles to an Asian Century of public administration including how scholars are educated, where they publish, language, and the methods utilised. Fully bidirectional intellectual engagement (and not just a West-to-Asia engagement) is necessary for an Asian century of public administration.

The Asian Century cannot rise without value creation, innovation, and financial transformation. Mobile phones, smart devices, e-commerce, software applications, fintech, and robotics are basic features of the new economy that China, Japan, and South Korea are creating for multiple-year productivity growth. Asia adopts these creative disruptions early on, then innovates, and scales them up into global leaders. Digital finance, digital identification, social media, and big data are the four digital enablers that Asia has developed well, along with broadband internet connectivity. The digital economy is flourishing in Asia because of its large and young populations and rising middle classes, especially in China, India, and ASEAN. It is transforming both urban and rural areas in pre- and post-LTP countries.

The Asian Century cannot be realized without transforming the region’s energy systems. Economically accelerating pre-Lewis Turning Point nations like India, Indonesia, and Vietnam are pushing for energy self-sufficiency. Slowing down post-LTP nations like China, South Korea, and Japan are shifting from coal and oil to renewable energy and the low-carbon economy. The global oversupply in liquefied natural gas benefits Asia, a net energy importer, especially India and Thailand. Asia is the largest market for renewable energy – solar, wind, and hydro. China is the largest market for electric vehicles. Japan and South Korea have the highest EVs penetration. In the lithium-ion age, Asia’s energy systems will be decentralized on smart grids and for consumer, commercial, and industrial use.

Over the last two decades the flow of Asians to Australia through legitimate immigration programs has accelerated. This is particularly the case for Asian nurses coming from countries that were once subjected to European colonisation. The difficulties encountered by nurses from Asian countries mirror those of earlier waves of migrants. These include navigating the language and differences in cultural mores, values, and beliefs, along with the loneliness that may come from leaving strong family ties at home. While racism has been evident for all earlier waves of migrants, Asians face an additional hurdle linked to the uneasy relationship Australians and the Australian state has with Asia. Australia is geographically in Asia, but culturally Anglo and European. The impact this might have on the working relationships of Asian and Australian born registered nurses is significant given the nature of their work in caring for the sick and elderly. This liminal relationship between the Australian state and Asians provides a theoretical insight into the particular difficulties experienced by Asian nurses and the integration programs that might assist them and their Australian colleagues to develop cohesive working relationships.

Conflict over landscape use, resource access and environmental futures has become a central feature of contemporary political life. Increasingly, these conflicts are articulated, negotiated and potentially resolved across national boundaries and complex networks of media and communications. Within the context of intensifying pressure for resources, market opportunities and changing media practices, this article examines the multi-directional and multi-layered flows of political communication and action that are developing within the Asian region. It outlines a case of recent environmental protests targeted at Japanese and Malaysian companies involved in the procurement and sale of Australian forest products, and reveals how distant supporters are being enabled to join with those affected locally to resist development, end resource procurement and undermine growth strategies.

In the wake of the Asian century, the Asia-Pacific region has seen a proliferation of Free Trade Agreements (FTAs). The driving force behind the initial formation of these agreements since the 1990s, however, has moved away from focusing on economic incentives to more strategic geopolitical concerns. This article examines the employment of FTAs by the United States (US), China, and Australia to further their geopolitical interests in the Asia- Pacific region in the context of the strong trading relationship between China and Australia on the one hand, and the strong strategic relationship the US has had with Australia on the other. Australia's roadmap to the future as set out in its recently released White Paper provides valuable insights into this interlinked relationship.

The Waiting City (2009) and Wish You Were Here (2012) are amongst a number of twenty-first century Australian films made, wholly or partly, offshore, in India and Cambodia respectively; therefore, they form part of the corpus of ‘Asian Australian cinema’. The filmmakers’ experiences and the film narratives are discussed using Jane Mills’ (2014) concept of ‘sojourner cinema’. Comparison is made with earlier Asian Australian films, tracing the ambivalent paradigm of Asia as both threat and opportunity, described by Khoo, Smaill and Yue (2013), and reflecting on the productions with regard to the role outlined for the creative industries in the Australian Government White Paper, Australians in the Asian Century.

For Asia to realize the Asian Century in 2050 and reach per capita income levels similar to Europe today, its fast-growing converging economies must sustain their growth momentum. The slower growing countries must accelerate their growth to achieve convergence status during this period. The underlying requirement for both groups is continued rapid improvement in total factor productivity (TFP). Although it may sound ambitious and though it is definitely not preordained, Asia can reach this dream if its economies strive for excellence in the areas of productivity and innovation, while learning from the best practice in the region and beyond. This article addresses the TFP level and performance of Asian economies, the salient underlying factors, and the strategies that Asian economies must pursue to make further improvement.

Because of Asia's remarkable economic performance since the 1980s, some observers have predicted Asia's rise and the coming of a Pacific Century. We doubt this optimistic view. In the knowledge-based economy, ways of amassing wealth have changed, and better criteria for evaluating economic development are needed. This study compares research and development activities of four Asian developing countries – China, India, South Korea and Taiwan – with those of two advanced economies – the USA and Japan – to emphasise a neglected trend. The Asian cases do succeed in the information technology industry, a typical sector in the knowledge-based economy. None the less, Asia may be lagging further behind in relative terms. We show that this may not be the Asian century. In addition, it is possible that the battlefield between multinationals will switch from markets to intellectual property courts.

Students in the Engineering and Information Technology (IT) field are statistically less mobile than in many other disciplines. This has been documented across Australia, Europe and North America. While studies have shown the benefits of going abroad for a period of time, these messages seem to be lost on many Engineering and IT students. Using comparative case studies between/among various Universities, this chapter outlines and explores the challenges of trying to encourage more of such students to go abroad. Challenges include: (1) student concerns; (2) degree structure and program limitations; and (3) faculty buy-in. This chapter outlines three cases where strategic and operational actions have been taken to mitigate identified challenges. Best practices include the identification and introduction of ‘mobility windows' in curricula in cooperation with faculty, having a clear management framework and performance indicators and achieving faculty buy-in.

The responsible leadership field is still in its formative years: current responsible leadership research focuses more on clarifying the attributes of the concept and process than on the outcome variables, such as its link to productivity and organizational performance. But if the claims regarding responsible leadership are valid, the benefits to be derived at the individual, organizational and societal levels in the Asian century are too vast to gloss over. Thus this concluding chapter will address the need to develop appropriate research designs to capture and apply the concept of responsible leadership. It will emphasize the need for scholars to contribute theoretically and empirically to the development of responsible leadership discourse as well as approaches to teaching responsible leadership in business schools, so that leaders have the necessary skills and tools to enact responsible leadership in the Asian century.

This chapter will move beyond theories of responsible leadership to examine how responsible leadership can be enacted through a range of organizational processes. Responsible leadership action in various spheres of human endeavour could address some of the key global issues of the Asian century. In our economic pursuits, the threat of major global financial crises similar to the 2007/2008 global financial crisis remains. In managing our environment, nations have been called upon to mitigate their emission levels. China and US governments’ agreement in November 2014 to reduce emission levels was a step taken in the right direction that directly impacts leading responsible business organizations. Climate change adaptation is vital and remains an opportunity for responsible leaders to address. For example, a single cattle emits as much CO2 to the environment as a normal car during a year. There are significant opportunities to develop alternative sources to satisfy our meat eating habits so that cattle farming is not necessary to fulfil our dietary needs. Water crises will increasingly feature prominently as a major challenge for responsible leaders due to mismanagement and intense competition for already scarce water resources. The river Nile which runs through Egypt and has been its water resource for centuries originates in Ethiopia. Already China is accused of moving into Ethiopia with significant investments to build damns to exploit river Nile’s water resources (Nisman 2012). These global issues point to the need for responsible leaders to develop well governed, fiscally healthy and more importantly sustainable organizations. In this chapter, we will examine the opportunities leaders have to enact responsible leadership. First we will look at what decision making options are available for responsible leaders.

Many scholars and practitioners have anointed the 21st century as the “Asian Century”. It is now obvious that an economic shift from the West to the East is underway, having both major economic and socio-political implications China and India are often featured as drivers of this Asian economic renaissance. China and India are the two remaining BRIC countries that still grow at a considerable speed. China is projected to have a growth rate of about 6.5 % over the next several years (lower than the double digit growth it experienced at the turn of the century) and India may pick up some steam and hit 7 % for the next years. However, less well-known and less analyzed is the equally remarkable story of the rise of the ASEAN market, which may generate interesting prospects for many multinational companies (MNC) and global investors in the coming years.

In this chapter, the elusive nature of the ‘national interest’ is pursued and identified. The question of cross-border people movements is then put to the ‘national interest’ test. How do the global movements of people for purposes of migration match up with national criteria for the public interest? What is the relation to actual policies adopted in this area?

The following sections are included:INTRODUCTIONRESOURCE ENDOWMENT AND AUSTRALIA'S NATIONAL INTERESTGROWING ENERGY DEMAND IN ASIAROLE OF AUSTRALIAN GAS IN SECURING ECONOMIC STABILITY IN THE NATIONAL INTERESTGROWING IMPORTANCE OF AUSTRALIAN GASROLE OF UNCONVENTIONAL GAS IN MEETING ENERGY SECURITYEFFECT OF ASIAN ENERGY DEMANDS ON AUSTRALIA'S NATIONAL ENERGY SECURITYCONCLUSIONENDNOTESREFERENCES

The following sections are included:INTRODUCTIONAUSTRALIA'S ASYLUM SEEKER POLICYWHY DO THESE ISSUES MATTER TO AUSTRALIA'S NATIONAL INTEREST IN THE ASIAN CENTURY?THE REMEDYCONCLUSIONENDNOTESREFERENCESLEGISLATION, CASES AND TREATIES

Since the 1980s, global foreign investment flows have at times grown faster than world output and world trade. Many advanced and emerging economies have welcomed, indeed actively encouraged, foreign direct investment (FDI) from abroad, cognisant of the new technology and expertise it transfers. Even though governments of different ideological persuasions around the world are actively vying to increase their relative shares of transnational investment flows, the Australian government, through the operations of the Foreign Investment Review Board (FIRB), continues to deter certain forms of foreign investment, particularly in the financial, media, real estate and transport sectors of the economy. Indeed, there is a widespread view that Australia's foreign investment policy is not restrictive enough, particularly as it relates to foreign takeovers of Australian enterprises. Australia has persistently attracted foreign investment over more than two centuries. As a percentage of Australia's gross domestic product (GDP), foreign investment flows were proportionately greater in earlier times, such as the late 19th century, compared to the experience since 2000.2 No separate body oversaw FD! proposals until the FIRE was formally established by the Fraser government in 197 6. Before then, and especially from the 1960s, federal governments of both political persuasions had intervened in an ad hoc way.

The following sections are included:INTRODUCTIONDEFINING ‘FINANCIAL STABILITY’ AS A NATIONAL INTEREST OF AUSTRALIAOUT OF THE GFC AND HEADING INTO THE ASIAN CENTURY — IS FINANCIAL STABILITY ON THE REGULATORY AGENDA?NEW (AND SOME OLD) CHALLENGES ON THE HORIZON IN THE ASIAN CENTURY THAT COULD IMPACT UPON AUSTRALIA'S FINANCIAL STABILITYOUTLINING THE CURRENT REGULATORY FRAMEWORK FOR FINANCIAL STABILITY IN AUSTRALIACONSIDERATIONS FOR STRENGTHENING ACCOUNTABILITY THROUGH THE REGULATORY FRAMEWORK FOR FINANCIAL STABILITY IN AUSTRALIACONCLUSIONENDNOTESREFERENCES

The following sections are included:INTRODUCTIONFINANCIAL INTEGRATION TO FINANCIAL STABILITY — DISCUSSION AND EVIDENCEFINANCIAL OPENNESS AND INTEGRATION — THE AUSTRALIAN EXPERIENCECONCLUSIONENDNOTESREFERENCESAPPENDIX

[Figure][1] CREDIT: STEFAN POSTLES Australians are constantly told that our economy is ‘“in transition.”’ We need to move up the global value chain, build knowledge-based industries, prepare for the Asian Century, and be the “food bowl of the world.” These are grand ambitions that we share with many other nations, in our region and beyond. The question for all of us is: How? I am not one of those who think that good things will happen just because we expect them to, in Australia or anywhere else. I think we need to organize, evaluate, and cohere; to make sure that we align our efforts and investments with our national interests, focus on areas that are of particular importance or where there is a particular need, and build to a scale that will make a difference both to ourselves and to a changing world. It is the knowledge that science will offer, and the sensible application of that knowledge to agreed-on goals, that will build stronger national economies and societies. ![Figure][1] “If we are serious in our wish for a fair and prosperous Australia, in a better and happier world, then we will look to science to sustain us.” CREDIT: VLADGRIN/ISTOCKPHOTO As Australia's Chief Scientist, my role is to advise the federal government on matters of science policy and advocate a better understanding of science in industry and the community. Like the rest of Australia's scientific community, I was disappointed by cuts in our recent federal budget. My real concern, however, is the lack of a strategy that would help us maximize the value of the science resources we do have. This is not a new problem. It is one that has been allowed to persist for decades. Our support for science is the victim of short-term, on-again, off-again, thinking, terminating programs rather than giving them sustained support. We seem reluctant to identify national priorities and make sure we fund them appropriately—areas where we have the advantage, or need, or capacity to grow to scale or to take new products to the global market. This puts us at odds with an emerging global consensus. This week, science advisory delegations from around the world convene in Auckland, New Zealand, to discuss the importance and challenges of providing policy-relevant science advice to governments. Policy-makers globally have recognized the obvious point: Science isn't like a toothbrush. You can't buy it when you get there if you forgot to pack one. To build both capacity and capability, we need strategic investment supported by good planning and long-term commitment. It troubles me that Australia remains the only country among the members of the Organisation for Economic Co-operation and Development (OECD) without a science or technology strategy. The consequences are and will be felt in our performance, in a world more reliant than ever before on science and science-trained people. We often claim to “punch above our weight,” but in reality our research effort could and ought to be better. School participation in science and mathematics, particularly at senior levels, has fallen, when the trend should be heading the other way. The level of collaboration between our researchers and our businesses is one of the poorest in the OECD. If we are serious in our wish for a fair and prosperous Australia, in a better and happier world, then we will look to science to sustain us. And we will need to be strategic. We will get the future we earn. [1]: pending:yes

In this chapter I shall consider the increasing shift to the use of English as a medium of instruction (EMI) in East and Southeast Asia, with the focus on the university sector. I shall also discuss possible implications of the trend towards EMI in Asian universities for the Australian university sector. The chapter begins with a brief discussion of the recently published Australian Government White Paper, Australia in the Asian Century and this is followed by summary of recent developments concerning the use of EMI in selected European universities. The main part of the paper reviews and discusses the adoption of EMI among selected universities in Asia. Some tentative predictions regarding the use of English and Asian languages in higher education in Australasia conclude the chapter.

‘Chinese fever’ (中文热 zhōngwénrè) is a term commonly used in the media to describe the increasing interest in learning Chinese that has coincided with China’s growth as a global economic power. China’s remarkable rise, and developments in Asia more generally, have resulted in a review of Australia’s position in regard to Asia, outlined in the Australia in the Asian century white paper (Australia in the Asian Century Task force 2012) and an ongoing call for improved ‘Asia Literacy’in our classrooms. This chapter explores issues of language learning in the‘Asian Century’ from the perspective of the Australian language classroom, with a focus on ‘Chinese fever’ in particular. The chapter reviews the Australian context for ‘Chinese fever’ and China’s rolein promoting and supporting Chinese language learning internationally through the Hanban organisation, including the curriculum and resources they make available for learning Chinese in Australian schools. The role of Chinese in school language learning in ensuring the future success of ‘Chinese fever’ and Asia Literacy more generally in Australian classroom contexts is discussed.

The Australia in the Asian Century white paper launched in 2012 recognized that Australia’s future is inextricably linked with Asia. It urged Australian firms to be highly innovative and to develop collaborative relationships with others in the Asian region. One such area of opportunity is Islamic Banking and Finance (IBF), which has become a global phenomenon, with regional IBF hubs developing across the ASEAN region. IBF is a growing niche Asian market that, if understood better, could assist Australia’s large infrastructure needs and allow Australian corporate access to new pools of offshore funding and tap into an alternative investor base. Subsequent to the Global Financial Crisis (GFC), federal and state governments in Australia showed some increased interest in developing the IBF sector. This was in part due to the tightening of credit during the GFC, the need to access cheaper wholesale funds and a desire to make Australia a regional financial services hub. In 2008, the federal government commissioned a report on how to develop Australia into a financial center. One recommendation of the report, titled Australia as a Financial Centre—Building on our Strengths (also known as the Johnson Report),1 was to encourage the development of IBF by arguing that the competitiveness of Australia’s financial services sector offers great opportunities for Islamic Financial Institutions (IFIs) to do business in Australia or to export their products to Asia. Then in 2011, there was an inquiry by the Board of Taxation into whether Australian tax laws need to be amended to ensure that IBF products have parity of treatment with conventional products.

Germany is Europe’s most populated country and it is actual locomotive for growth. The Germans have a positive image in China. However, this appreciation is not mutual. Various polls indicate that Germans are reserved concerning China’s rise; some even dislike outward foreign direct investment (OFDI) from Chinese Companies flowing to Germany. Nevertheless, Chinese investments in Germany will accelerate in the near future; already it increased from 600 million € 2 years ago to more than 800 million €. Experts predict a further massive increase. Asian OFDIs in Europe will be an integral part of the Asian Century, transforming the host countries, just as western OFDIs changed Asia during the last decades. This article analyses the German “China readiness” in the field of public economic policy at a local level.