It may be tempting for developing Asia’s policymakers believe that once the global crisis
subsides and the world economic outlook recovers, the region can return to its precrisis
strategy of exporting its way into rapid growth. The temptation is all the stronger in light
of the fact that this strategy has served the region remarkably well in the past. Under this
view, rebalancing is a nice catchphrase for the government’s short-term efforts to limit
the reduction in growth and to alleviate the hardship of the most vulnerable groups but
nothing more than that.