Australia in the Framework of the Asian Integration Initiatives: The Choice of Future

Abstract

Today, various integration initiatives are underway in the Asia-Pacific region. Australia, as one of the fastest growing economies in the region, aspires to regional leadership and pursues a middle power strategy; however, the interests of China and the United States, the key players influencing the integration processes, clash here. In the context of China's creation of new development institutions, there is a considerable amount of interest to the extent to which the existing institutions are suited to the new realities and in determining the country's most favorable developmental strategy. The present article examines how pro-American and sinocentric institutions benefit Australia. The authors identify the characteristics of economic development and, according to the selected parameters, assess the impact of scenario choice on Australia and its main partner – New Zealand. After examining the main advantages and disadvantages of two possible scenarios, the authors confirm the hypothesis that joining the sinocentric institutions is more beneficial for Australia, subject to implementing a national development strategy that compensates for excessive sinicization. The authors propose a system of measures to reduce the impact of the negative effects of this choice on the Australian economy. The authors note that the Oceania region should be included in the integration processes within the Chinese model.