The Challenge of a Non-Bipolar Economic Order in Asia: Diverse Rules and Alliances Affecting Business

The traditional binary view of Asia as either America's or China's to win is not reflective of the region's realities. Many large and capable powers in Asia are setting diverse and sometimes competing rules on market and regulatory matters without looking to Washington or Beijing. This creates a challenge for businesses as they navigate the differing regulatory regimes of Asia's democracies. Despite expectations that China would fill the vacuum left by the United States in Asia, a number of countries have instead formed agreements without either superpower present, leading to a fragmented landscape in emerging industries like digital assets.