toward new regional facility and mechanism. I think Asia has to act collectively not inwardly but outwardly in monetary arrangements and cooperation to deal with this new globalization process in the next century. Regionalism here doesn't mean the closed end, but the open end.
Fourth point. We must strengthen the role of the multilateral agency under this regulatory response, particularly the IMF, The World Bank Asian Development Bank and WTO. They must create the new rules, because the current rules were created 50 years ago. They are outdated. There are new classical economics.
The fifth. I think this conference shows mounting concerns over the future of China in this part of the world. Particularly China's currency, the yuan. Although China has given a pledge not to devalue its currency despite competitive pressures from around Asia, I think a drop in the value of China's currency now could deal a devastating blow to currency at the regional and world level. For now China seems to be very safe because ironically it has not liberalized enough to be exposed to the global market forces. The question is still being raised occasionally that given the fact that all Asia including Japan is in trouble, how can China stand alone?
Lastly, Asian future depends so much on the actions, not the aloofness of the U.S. and Japan. When trouble first surfaced in Thailand last July, the U.S. Treasury stood aloof from rescue efforts, However, after the Korean and Indonesian meltdown, the U.S. is now preparing to commit energy and resources to prevent the financial depression &from spreading to the rest of the world. Among other things, Washington is quite right in urging Tokyo to lead the Asian economic rescue by opening its markets. Many of us think that unless Japan does more to absorb the flood of goods by stimulating domestic demand in Japan, the U.S. under pressure from projectionist lobbies acting through congress will impose curbs on Asian imports during the next five years. Again let me quote Professor Kissinger again who might help Asia.
Professor Kissinger again said this month in Bangkok that the emergency meeting of the head of the states, governments of G7 must deal with this challenge of the Asian crisis, especially to set up the warning system which must be established. Some mechanism to discourage the reckless conduct of both lenders and borrowers in Asia. He hopes that with military action and the military problem in Iraq roaming, the Clinton administration will not neglect the equally important crisis in Asia. Kissinger warned, "Don't turn the Asian economic crisis into a political crisis and destabilize Asia once again."
In conclusion, we in ASEAN very much appreciate the speed and the amount of support from Japan. Minister Sakakibara is quite right in saying that Tokyo was the largest single contributor to multi-billion dollar rescue loan to Thailand, Indonesia and Korea. However, Mr. Anwar, a wise man, Minister of Finance and Deputy Prime Minister in Malaysia, said recently that there is room for improvement and that Japan should be more forthcoming.
｡?Tamotsu AOKI (Chairperson of Session 2)
Professor, Advanced Technologies Research Center, University of Tokyo
I would like to take up the issue of culture from a different aspect believe that this international forum, "Asia Looking to the Future", is very symbolic and important. Recently there have been various arguments about Asian value in Asian nations. Those arguments are based on the opinion that there is Asian value in contrast to Western or modern value from political, economical and cultural points of view.
Culture is generally considered to be less important than economic growth but when I look at the present age of Asia, I feel those who govern culture will govern the whole world.
I will explain why I think so. There is a Hollywood film entitled "Seven Years in Tibet," which was shown in Japan.
It is about an Austrian mountaineer named Heinrich Harrer who was very much influenced by the Nazis. His ambition was to climb to the summit of the Himalayas and he was a very egoistic man. While he was preparing for mountain climbing in India, world war broke out and he was arrested and put into a concentration camp in India because he was a citizen of the enemy country. He escaped from the concentration camp, went into Tibet and met the young Dalai Lama. He was awakened to Dalai Lama's broad-mindedness and to the tolerance of Buddhist teachings, became a very generous man himself and went back to his country. You can say this film is one of strong Orientalism or a Hollywood version of Asian idealism, but I think this is a very good film. In the film there is a merciless scene where China invaded Tibet and destroyed all Tibetan culture. The Chinese army and Chinese people are depicted as destroyers of Tibetan culture. For this reason, at the Tokyo Film Festival held last fall, the Chinese government said is would not send
