## Regional Economic Outlook: Asia and Pacific, April 2012: Managing Spillovers and Advancing Economic Rebalancing _Asia and Pacific, April 27, 2012_ ## Source details **Canonical URL:** [Regional Economic Outlook: Asia and Pacific, April 2012: Managing Spillovers and Advancing Economic Rebalancing](https://www.imf.org/en/publications/reo/apac/issues/2017/03/07/managing-spillovers-and-advancing-economic-rebalancing) ## Other formats - [Markdown version](/en/publications/reo/apac/issues/2017/03/07/managing-spillovers-and-advancing-economic-rebalancing/index.md) - [Structured JSON version](/en/publications/reo/apac/issues/2017/03/07/managing-spillovers-and-advancing-economic-rebalancing/index.json) - [Bundle manifest](/en/publications/reo/apac/issues/2017/03/07/managing-spillovers-and-advancing-economic-rebalancing/bundle-manifest.json) ## Bibliographic details - Published: April 27, 2012 - Series: Asia and Pacific --- ### Executive summary: growth outlook and key risks - Growth projection: "now projected at 6 percent in 2012, rising to about 6½ percent in 2013." - Outlook contingent: Barring the realization of downside risks to the global economy, growth in the Asia and the Pacific region is expected to gain momentum over the course of 2012. - Buffers and vulnerabilities: - Stronger economic and policy fundamentals have helped buffer the region's economies against the global financial crisis. - These fundamentals have limited adverse financial market spillovers and ameliorated the impact of deleveraging by European banks. - However, "a sharp fall in exports to advanced economies and a reversal of foreign capital flows would have a severe impact on the region." ### Policy challenge: calibrating insurance and macroeconomic stances - Central policy question: "How Much Insurance Is Still Needed?" - Monetary policy stance: - Some Asian and Pacific economies can afford to lengthen the pause in the normalization of their macroeconomic policies that was initiated when the global recovery stalled late in 2011. - Others may need a faster return to more neutral policy stances. - Fiscal policy stance: - "The pace of fiscal consolidation should be calibrated to country-specific circumstances." - Overarching objective: support stable, noninflationary growth while adjusting policy normalization to country-specific conditions. ### Financial linkages, spillovers, and deleveraging risks - Financial spillovers: - The report examines "the Evolution of Asian Financial Linkages: Key Determinants and the Role of Policy" and sensitivity of Asian financial markets to market movements in systemic economies. - It addresses whether macroeconomic policies can reduce financial sensitivities in Asia. - Deleveraging by European banks: - The report includes a chapter on "The Likely Effect on Asia of a Sharp Deleveraging by European Banks." - Topics covered: "The Role of European Banks in Asia," "What Happened during the Lehman Crisis?" and "What Are the Implications of a Future Shock?" - Evidence indicates that deleveraging and abrupt changes in foreign claims could materially affect domestic credit supply and financial stability in parts of the region. ### Structural rebalancing and regional implications - China and regional spillovers: - The report asks "Is China Rebalancing? Implications for Asia" and considers both whether China is rebalancing and what the implications are for other Asian economies. - Foundations for sustainable growth: - A chapter on "Laying the Foundations for Sustainable Growth" highlights the need for structural policies to support rebalancing and long-term resilience. - Low-income and small island economies: - A dedicated chapter examines "Asian Low-Income and Pacific Island Countries: Opportunities and Risks from Increased Regional Integration." - Key themes: increased investment from within Asia to regional LICs and greater links between Pacific Island Countries and regional economies. ### Contents highlights (analytic focus areas) - Ensuring Stable Growth: signs of stabilization, a 2012 turnaround, risks, policy calibration, and foundations for sustainable growth. - Financial linkages: determinants of Asian financial betas and the role of policy in reducing sensitivities. - Deleveraging scenarios: role of European banks, lessons from Lehman, and implications of future shocks. - China’s rebalancing: assessment of rebalancing and spillover effects to Asia. - Regional integration: impacts on Asian LICs and Pacific Island Countries from increased regional links. *Regional Economic Outlook: Asia and Pacific, April 2012: Managing Spillovers and Advancing Economic Rebalancing* --- ## Content in this bundle - **Fig Box1 2** - [Fig Box1 2 (XLS)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig_box1_2.xls){rel="external" type="application/vnd.ms-excel"} - **China and India: Population Distribution** - [China and India: Population Distribution (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig_box1_3.csv.md){rel="alternate" type="text/markdown"} - [China and India: Population Distribution (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig_box1_3.csv){rel="external" type="text/csv"} - **Fig Box1 4** - [Fig Box1 4 (XLS)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig_box1_4.xls){rel="external" type="application/vnd.ms-excel"} - **Figure 1.1. Real GDP Growth in the United States and the Euro Area** - [Figure 1.1. Real GDP Growth in the United States and the Euro Area (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.1. Real GDP Growth in the United States and the Euro Area (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_1.csv){rel="external" type="application/octet-stream"} - **Figure 1.10. Selected Asia: Change in One-Year Ahead Inflation Expectation since the End of 2011** - [Figure 1.10. Selected Asia: Change in One-Year Ahead Inflation Expectation since the End of 2011 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_10.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.10. Selected Asia: Change in One-Year Ahead Inflation Expectation since the End of 2011 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_10.csv){rel="external" type="application/octet-stream"} - **Figure 1.11. Nonresident Investment in Selected Asian Markets** - [Figure 1.11. Nonresident Investment in Selected Asian Markets (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_11.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.11. Nonresident Investment in Selected Asian Markets (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_11.csv){rel="external" type="application/octet-stream"} - **Figure 1.12. Selected Asia: Stock Markets** - [Figure 1.12. Selected Asia: Stock Markets (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_12.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.12. Selected Asia: Stock Markets (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_12.csv){rel="external" type="application/octet-stream"} - **Figure 1.13. Selected Asia: Exchange Rates against the U.S. Dollar** - [Figure 1.13. Selected Asia: Exchange Rates against the U.S. Dollar (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_13.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.13. Selected Asia: Exchange Rates against the U.S. Dollar (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_13.csv){rel="external" type="application/octet-stream"} - **Figure 1.14. Selected Asia: Share of Exports Linked to Demand from Europe, 2010** - [Figure 1.14. Selected Asia: Share of Exports Linked to Demand from Europe, 2010 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_14.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.14. Selected Asia: Share of Exports Linked to Demand from Europe, 2010 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_14.csv){rel="external" type="application/octet-stream"} - **Figure 1.15. Selected Asia** - [Figure 1.15. Selected Asia (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_15.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.15. Selected Asia (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_15.csv){rel="external" type="application/octet-stream"} - **Fig1 16** - [Fig1 16 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_16.csv.md){rel="alternate" type="text/markdown"} - [Fig1 16 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_16.csv){rel="external" type="application/octet-stream"} - **Fig1 17** - [Fig1 17 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_17.csv.md){rel="alternate" type="text/markdown"} - [Fig1 17 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_17.csv){rel="external" type="application/octet-stream"} - **Figure 1.18. Selected Asia: Current Account Balances** - [Figure 1.18. Selected Asia: Current Account Balances (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_18.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.18. Selected Asia: Current Account Balances (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_18.csv){rel="external" type="application/octet-stream"} - **Figure 1.2. Selected Asia: Changes in Real GDP at Market Prices in 2011** - [Figure 1.2. Selected Asia: Changes in Real GDP at Market Prices in 2011 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.2. Selected Asia: Changes in Real GDP at Market Prices in 2011 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_2.csv){rel="external" type="application/octet-stream"} - **Figure 1.20. Consolidated Foreign Claims of European Banks on Asia** - [Figure 1.20. Consolidated Foreign Claims of European Banks on Asia (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_20.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.20. Consolidated Foreign Claims of European Banks on Asia (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_20.csv){rel="external" type="application/octet-stream"} - **Figure 1.21. China: Potential Effects of Property Downturn** - [Figure 1.21. China: Potential Effects of Property Downturn (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_21.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.21. China: Potential Effects of Property Downturn (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_21.csv){rel="external" type="application/octet-stream"} - **Figure 1.22. Asia: Pass-Through from Global Energy Prices to Domestic Food and Energy Prices** - [Figure 1.22. Asia: Pass-Through from Global Energy Prices to Domestic Food and Energy Prices (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_22.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.22. Asia: Pass-Through from Global Energy Prices to Domestic Food and Energy Prices (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_22.csv){rel="external" type="application/octet-stream"} - **Figure 1.23. Selected Asia: Real Interest Rates** - [Figure 1.23. Selected Asia: Real Interest Rates (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_23.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.23. Selected Asia: Real Interest Rates (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_23.csv){rel="external" type="application/octet-stream"} - **Figure 1.24. Selected Asia: Nominal Policy Rates and Taylor Rule Implied Rates** - [Figure 1.24. Selected Asia: Nominal Policy Rates and Taylor Rule Implied Rates (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_24.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.24. Selected Asia: Nominal Policy Rates and Taylor Rule Implied Rates (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_24.csv){rel="external" type="application/octet-stream"} - **Figure 1.25. Asia: Real Effective Exchange Rates** - [Figure 1.25. Asia: Real Effective Exchange Rates (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_25.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.25. Asia: Real Effective Exchange Rates (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_25.csv){rel="external" type="application/octet-stream"} - **Figure 1.26. Emerging Asia and Latin America: Real Exchange Rates and Reserves** - [Figure 1.26. Emerging Asia and Latin America: Real Exchange Rates and Reserves (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_26.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.26. Emerging Asia and Latin America: Real Exchange Rates and Reserves (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_26.csv){rel="external" type="application/octet-stream"} - **Figure 1.27. Selected Asia: Cyclically Adjusted General Government Balances** - [Figure 1.27. Selected Asia: Cyclically Adjusted General Government Balances (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_27.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.27. Selected Asia: Cyclically Adjusted General Government Balances (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_27.csv){rel="external" type="application/octet-stream"} - **Figure 1.28. Selected Asia: Fiscal Impulse in 2012** - [Figure 1.28. Selected Asia: Fiscal Impulse in 2012 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_28.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.28. Selected Asia: Fiscal Impulse in 2012 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_28.csv){rel="external" type="application/octet-stream"} - **Figure 1.29. Gross Public Debt, 2011** - [Figure 1.29. Gross Public Debt, 2011 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_29.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.29. Gross Public Debt, 2011 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_29.csv){rel="external" type="application/octet-stream"} - **Fig1 3** - [Fig1 3 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_3.csv.md){rel="alternate" type="text/markdown"} - [Fig1 3 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_3.csv){rel="external" type="application/octet-stream"} - **Figure 1.30. Share in Global Consumer Goods Import Demand, 2010** - [Figure 1.30. Share in Global Consumer Goods Import Demand, 2010 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_30.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.30. Share in Global Consumer Goods Import Demand, 2010 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_30.csv){rel="external" type="application/octet-stream"} - **Figure 1.4. Emerging Asia: Trade Balance** - [Figure 1.4. Emerging Asia: Trade Balance (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_4.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.4. Emerging Asia: Trade Balance (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_4.csv){rel="external" type="application/octet-stream"} - **Fig1 5** - [Fig1 5 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_5.csv.md){rel="alternate" type="text/markdown"} - [Fig1 5 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_5.csv){rel="external" type="application/octet-stream"} - **Figure 1.6. Selected Asia: Labor Market Conditions** - [Figure 1.6. Selected Asia: Labor Market Conditions (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_6.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.6. Selected Asia: Labor Market Conditions (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_6.csv){rel="external" type="application/octet-stream"} - **Figure 1.7. Emerging Asia: Measure of Excess Credit Growth** - [Figure 1.7. Emerging Asia: Measure of Excess Credit Growth (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_7.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.7. Emerging Asia: Measure of Excess Credit Growth (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_7.csv){rel="external" type="application/octet-stream"} - **Figure 1.8. Selected Asia: Fiscal Impulse in 2011** - [Figure 1.8. Selected Asia: Fiscal Impulse in 2011 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_8.csv.md){rel="alternate" type="text/markdown"} - [Figure 1.8. Selected Asia: Fiscal Impulse in 2011 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_8.csv){rel="external" type="application/octet-stream"} - **Fig1 9** - [Fig1 9 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_9.csv.md){rel="alternate" type="text/markdown"} - [Fig1 9 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig1_9.csv){rel="external" type="application/octet-stream"} - **Figure 2.1. Equity Returns: Selected Systemic Economies and Asia** - [Figure 2.1. Equity Returns: Selected Systemic Economies and Asia (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig2_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.1. Equity Returns: Selected Systemic Economies and Asia (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig2_1.csv){rel="external" type="application/octet-stream"} - **Figure 2.2. Asian Financial Betas and Global Financial Shocks** - [Figure 2.2. Asian Financial Betas and Global Financial Shocks (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig2_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.2. Asian Financial Betas and Global Financial Shocks (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig2_2.csv){rel="external" type="application/octet-stream"} - **Figure 2.3. Financial Betas across Asian Economies** - [Figure 2.3. Financial Betas across Asian Economies (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig2_3.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.3. Financial Betas across Asian Economies (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig2_3.csv){rel="external" type="application/octet-stream"} - **Figure 2.4. Asia: Changes in Betas from 2002-07 to 2008-11** - [Figure 2.4. Asia: Changes in Betas from 2002-07 to 2008-11 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig2_4.csv.md){rel="alternate" type="text/markdown"} - [Figure 2.4. Asia: Changes in Betas from 2002-07 to 2008-11 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig2_4.csv){rel="external" type="application/octet-stream"} - **Figure 3.1. Consolidated Foreign Claims of European and U.S. Banks on Emerging Asia** - [Figure 3.1. Consolidated Foreign Claims of European and U.S. Banks on Emerging Asia (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.1. Consolidated Foreign Claims of European and U.S. Banks on Emerging Asia (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_1.csv){rel="external" type="application/octet-stream"} - **Figure 3.2. BIS Reporting Banks' Consolidated Foreign Claims on Selected Asian Economies by Sector** - [Figure 3.2. BIS Reporting Banks' Consolidated Foreign Claims on Selected Asian Economies by Sector (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.2. BIS Reporting Banks' Consolidated Foreign Claims on Selected Asian Economies by Sector (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_2.csv){rel="external" type="application/octet-stream"} - **Figure 3.3. Asia: Export Credit Agency Backed Trade Finance** - [Figure 3.3. Asia: Export Credit Agency Backed Trade Finance (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_3.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.3. Asia: Export Credit Agency Backed Trade Finance (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_3.csv){rel="external" type="application/octet-stream"} - **Figure 3.4. Consolidated Foreign Claims on Asian Economies** - [Figure 3.4. Consolidated Foreign Claims on Asian Economies (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_4.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.4. Consolidated Foreign Claims on Asian Economies (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_4.csv){rel="external" type="application/octet-stream"} - **Figure 3.5. Differences in Policy Responses: Asia versus Non-Asia** - [Figure 3.5. Differences in Policy Responses: Asia versus Non-Asia (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_5.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.5. Differences in Policy Responses: Asia versus Non-Asia (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_5.csv){rel="external" type="application/octet-stream"} - **Figure 3.6. Debt-to-Equity Ratio in Financial Firms at End-2007** - [Figure 3.6. Debt-to-Equity Ratio in Financial Firms at End-2007 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_6.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.6. Debt-to-Equity Ratio in Financial Firms at End-2007 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_6.csv){rel="external" type="application/octet-stream"} - **Figure 3.7. Selected Asia: Real Policy Rates** - [Figure 3.7. Selected Asia: Real Policy Rates (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_7.csv.md){rel="alternate" type="text/markdown"} - [Figure 3.7. Selected Asia: Real Policy Rates (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig3_7.csv){rel="external" type="application/octet-stream"} - **Figure 4.1. China: Current Account Balance and Components** - [Figure 4.1. China: Current Account Balance and Components (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.1. China: Current Account Balance and Components (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_1.csv){rel="external" type="application/octet-stream"} - **Fig4 10** - [Fig4 10 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_10.csv.md){rel="alternate" type="text/markdown"} - [Fig4 10 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_10.csv){rel="external" type="application/octet-stream"} - **Figure 4.11. China: Distribution of FDI and Imported Value Added** - [Figure 4.11. China: Distribution of FDI and Imported Value Added (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_11.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.11. China: Distribution of FDI and Imported Value Added (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_11.csv){rel="external" type="application/octet-stream"} - **Figure 4.12. China: Share in Global Consumption versus Share in Global Consumer Goods Imports** - [Figure 4.12. China: Share in Global Consumption versus Share in Global Consumer Goods Imports (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_12.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.12. China: Share in Global Consumption versus Share in Global Consumer Goods Imports (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_12.csv){rel="external" type="application/octet-stream"} - **Figure 4.14. Selected Asia: Correlation of Exports to China with China?s Exports** - [Figure 4.14. Selected Asia: Correlation of Exports to China with China?s Exports (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_14.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.14. Selected Asia: Correlation of Exports to China with China?s Exports (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_14.csv){rel="external" type="application/octet-stream"} - **Figure 4.15. U.S. Imports from Asia for Final Demand, 2010** - [Figure 4.15. U.S. Imports from Asia for Final Demand, 2010 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_15.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.15. U.S. Imports from Asia for Final Demand, 2010 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_15.csv){rel="external" type="application/octet-stream"} - **Figure 4.2. China: Composition of Exports and Imports** - [Figure 4.2. China: Composition of Exports and Imports (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.2. China: Composition of Exports and Imports (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_2.csv){rel="external" type="application/octet-stream"} - **Figure 4.3. China: Export and Import Prices, and Terms of Trade** - [Figure 4.3. China: Export and Import Prices, and Terms of Trade (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_3.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.3. China: Export and Import Prices, and Terms of Trade (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_3.csv){rel="external" type="application/octet-stream"} - **Figure 4.4. China: Mineral Import Volumes** - [Figure 4.4. China: Mineral Import Volumes (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_4.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.4. China: Mineral Import Volumes (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_4.csv){rel="external" type="application/octet-stream"} - **Fig4 5** - [Fig4 5 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_5.csv.md){rel="alternate" type="text/markdown"} - [Fig4 5 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_5.csv){rel="external" type="application/octet-stream"} - **Figure 4.6. China: Import Quantum Index** - [Figure 4.6. China: Import Quantum Index (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_6.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.6. China: Import Quantum Index (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_6.csv){rel="external" type="application/octet-stream"} - **Figure 4.7. China: Number of Employees** - [Figure 4.7. China: Number of Employees (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_7.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.7. China: Number of Employees (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_7.csv){rel="external" type="application/octet-stream"} - **Figure 4.8. Global Shares in Photosensitive Semiconductor Devices Exports** - [Figure 4.8. Global Shares in Photosensitive Semiconductor Devices Exports (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_8.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.8. Global Shares in Photosensitive Semiconductor Devices Exports (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_8.csv){rel="external" type="application/octet-stream"} - **Figure 4.9. China: Loss-Making Enterprises** - [Figure 4.9. China: Loss-Making Enterprises (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_9.csv.md){rel="alternate" type="text/markdown"} - [Figure 4.9. China: Loss-Making Enterprises (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig4_9.csv){rel="external" type="application/octet-stream"} - **Figure 5.1. Selected Emerging Asia: Share in Global Output and FDI** - [Figure 5.1. Selected Emerging Asia: Share in Global Output and FDI (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_1.csv.md){rel="alternate" type="text/markdown"} - [Figure 5.1. Selected Emerging Asia: Share in Global Output and FDI (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_1.csv){rel="external" type="application/octet-stream"} - **Fig5 10** - [Fig5 10 (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_10.csv.md){rel="alternate" type="text/markdown"} - [Fig5 10 (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_10.csv){rel="external" type="application/octet-stream"} - **Figure 5.2. Selected Emerging Asia: Share in Regional FDI** - [Figure 5.2. Selected Emerging Asia: Share in Regional FDI (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_2.csv.md){rel="alternate" type="text/markdown"} - [Figure 5.2. Selected Emerging Asia: Share in Regional FDI (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_2.csv){rel="external" type="application/octet-stream"} - **Figure 5.3. China: Foreign Direct Investment** - [Figure 5.3. China: Foreign Direct Investment (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_3.csv.md){rel="alternate" type="text/markdown"} - [Figure 5.3. China: Foreign Direct Investment (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_3.csv){rel="external" type="application/octet-stream"} - **Figure 5.4. Selected Emerging Asia: Growth in FDI Relative to Regional Average** - [Figure 5.4. Selected Emerging Asia: Growth in FDI Relative to Regional Average (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_4.csv.md){rel="alternate" type="text/markdown"} - [Figure 5.4. Selected Emerging Asia: Growth in FDI Relative to Regional Average (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_4.csv){rel="external" type="application/octet-stream"} - **Figure 5.5. Selected Emerging Asia: Growth in FDI Relative to Regional Average** - [Figure 5.5. Selected Emerging Asia: Growth in FDI Relative to Regional Average (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_5.csv.md){rel="alternate" type="text/markdown"} - [Figure 5.5. Selected Emerging Asia: Growth in FDI Relative to Regional Average (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_5.csv){rel="external" type="application/octet-stream"} - **Figure 5.6. Selected Emerging Asia: Trade Openness and FDI** - [Figure 5.6. Selected Emerging Asia: Trade Openness and FDI (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_6.csv.md){rel="alternate" type="text/markdown"} - [Figure 5.6. Selected Emerging Asia: Trade Openness and FDI (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_6.csv){rel="external" type="application/octet-stream"} - **Figure 5.7. Selected Emerging Asia: Exports Exposure** - [Figure 5.7. Selected Emerging Asia: Exports Exposure (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_7.csv.md){rel="alternate" type="text/markdown"} - [Figure 5.7. Selected Emerging Asia: Exports Exposure (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_7.csv){rel="external" type="application/octet-stream"} - **Figure 5.8. PICs: Official Development Aid by OECD Donors** - [Figure 5.8. PICs: Official Development Aid by OECD Donors (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_8.csv.md){rel="alternate" type="text/markdown"} - [Figure 5.8. PICs: Official Development Aid by OECD Donors (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_8.csv){rel="external" type="application/octet-stream"} - **Figure 5.9. Selected PICs: Tourist Arrivals by Country of Residence** - [Figure 5.9. Selected PICs: Tourist Arrivals by Country of Residence (Markdown version)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_9.csv.md){rel="alternate" type="text/markdown"} - [Figure 5.9. Selected PICs: Tourist Arrivals by Country of Residence (CSV)](/external/pubs/ft/reo/2012/APD/eng/data0412/fig5_9.csv){rel="external" type="application/octet-stream"} - **Imfアジア太平洋地域経済見通し（Apd Reo), 2012年4月: 要旨** - [Imfアジア太平洋地域経済見通し（Apd Reo), 2012年4月: 要旨 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/reo/2012/apd/areo0412exjpdf.pdf.md){rel="alternate" type="text/markdown"} - [Imfアジア太平洋地域経済見通し（Apd Reo), 2012年4月: 要旨 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/japanese/pubs/ft/reo/2012/apd/areo0412exjpdf.pdf){rel="external" type="application/pdf"} - **_c10412pdf** - [_c10412pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/_c10412pdf.pdf.md){rel="alternate" type="text/markdown"} - [_c10412pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/_c10412pdf.pdf){rel="external" type="application/pdf"} - **Ii. the Evolution of Asian Financial Linkages: Key Determinants and the Role of Policy** - [Ii. the Evolution of Asian Financial Linkages: Key Determinants and the Role of Policy (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/_c20412pdf.pdf.md){rel="alternate" type="text/markdown"} - [Ii. the Evolution of Asian Financial Linkages: Key Determinants and the Role of Policy (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/_c20412pdf.pdf){rel="external" type="application/pdf"} - **_c30412pdf** - [_c30412pdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/_c30412pdf.pdf.md){rel="alternate" type="text/markdown"} - [_c30412pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/_c30412pdf.pdf){rel="external" type="application/pdf"} - **C40412pdf** - [C40412pdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/_c40412pdf.pdf){rel="external" type="application/pdf"} - **C50412pdf** - 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**Microsoft Word - Template_for_PDF_files.docx** - [Microsoft Word - Template_for_PDF_files.docx (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/data0412/_fig57pdf.pdf.md){rel="alternate" type="text/markdown"} - [Microsoft Word - Template_for_PDF_files.docx (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/data0412/_fig57pdf.pdf){rel="external" type="application/pdf"} - **Microsoft Word - Template_for_PDF_files.docx** - [Microsoft Word - Template_for_PDF_files.docx (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/data0412/_fig58pdf.pdf.md){rel="alternate" type="text/markdown"} - [Microsoft Word - Template_for_PDF_files.docx (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/data0412/_fig58pdf.pdf){rel="external" type="application/pdf"} - **Microsoft Word - Template_for_PDF_files.docx** - [Microsoft Word - Template_for_PDF_files.docx (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/data0412/_fig59pdf.pdf.md){rel="alternate" type="text/markdown"} - [Microsoft Word - Template_for_PDF_files.docx (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2012/apd/eng/data0412/_fig59pdf.pdf){rel="external" type="application/pdf"} --- ## References - [Press Release: Asia Faces Stronger Growth, but Further Rebalancing Critical](http://www.imf.org/external/np/sec/pr/2012/pr12152.htm) - [Asia and Pacific: Regional Economic Outlooks Archive](http://www.imf.org/external/pubs/ft/reo/reorepts.aspx?ddlRegions=4&ddlYear=-1) - [Regional Economic Outlooks](http://www.imf.org/external/pubs/ft/reo/reorepts.aspx) - [IMF Regional Reports](http://www.imf.org/external/pubs/cat/region.asp) - [World Economic Outlook Archives](http://www.imf.org/external/ns/cs.aspx?id=29) - [Asia and the IMF](http://www.imf.org/Asia) - [Subscribe](http://www.imf.org/external/RSS/feeds.aspx?Category=PUBS_RE) - [Ordering Information](http://www.imf.org/external/pubs/cat/longres.aspx?sk=25346.0) - [Disclaimer](http://www.imf.org/external/terms.htm) - [Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index) - [Modify your profile](https://www.imf.org/en/email-subscription/login) - [https://www.imf.org/en/home](https://www.imf.org/en/home) _Source: https://www.imf.org/en/publications/reo/apac/issues/2017/03/07/managing-spillovers-and-advancing-economic-rebalancing_