Rise of China
Asian Economic Powers
East Asia 2014.0618
Rise of China
Chimerica, Asian Tigers, Dragon Economies (18 June 2014)
Historical Map of East Asia & the Western Pacific
Gorbachev's reforms led to the collapse of the Soviet Union and a decade of stagnation in Russia, but China's more gradual road to capitalism after the death of Mao proved more successful. By 2011, aided by the restoration of Hong Kong and Macau in the 1990s, it had overtaken Japan economically and seemed poised to return to its old role as the dominant power in Asia.
Dissolution of the Soviet Union
Mikhail Gorbachev resigns as president of the Union of Soviet Socialist Republics, declaring the office extinct.
Asian financial crisis
Starting in Thailand with the collapse of the Thai baht, a financial crisis spreads across the 'tiger' economies of East and Southeast Asia. The biggest impact is on Indonesia, South Korea, and Thailand, but Hong Kong, Laos, Malaysia, and the Philippines are also deeply affected. The crisis ends about a decade of growth in the region and puts pressure on the economies of the Pacific Rim.
Hong Kong returned to China
Great Britain transfers sovereignty over Hong Kong to People's Republic of China
East Timorese crisis
After 78.5 percent of voters choose independence from Indonesia in the East Timorese independence referendum of 30 August 1999, violence erupts in East Timor. Anti-independence paramilitary groups attack people and set fires in the capital of Dili, prompting foreigners to flee the country and tens of thousands of East Timorese to take to the mountains. In response to Western condemnation of the violence, Indonesia agrees to withdraw its troops from East Timor and accept an international peacekeeping force in its stead.
Macau returned to China
Portugal transfers sovereignty over Macau to People's Republic of China
Subprime mortgage crisis in the US
North Korean nuclear tests succeed
Democratic People's Republic of Korea detonates a nuclear device underground, making its first successful nuclear test