possible segment of the population in the economic growth process. Sustainable
growth also requires spreading the fruits of growth to as much of the population as
possible. Thus was born the concept of inclusive growth, which has direct and farreaching
implications for growth strategy. Up to now, developing Asia’s growth
strategies implicitly assumed that the fruits of growth would eventually trickle
down to the poor, and in fact, the region’s exceptionally rapid growth reduced
poverty on a massive scale. However, there is now a growing popular unhappiness
at what is perceived to be a persistently wide income gap between the rich and the
rest. Policy makers are aware of the increasingly vocal popular demand for more
equality. For example, policy makers in the People’s Republic of China (PRC)
recently set forth the agenda for a “harmonious society” to address the growing
popular demand for a more inclusive growth process.