The Asia-Pacific Region’s growing global economic and political importance was a clear priority for all those attending APEC 2012 in Vladivostok. Representatives from economies across the globe gathered to discuss its promising future. But recent events in the region have reaffirmed the axiom that great opportunities tend to be accompanied by equally great risks. Relations between Japan and China are at their lowest point in decades. Tokyo’s decision to buy (from private owners) islands that China has laid claim to since the late 19th century provoked battle cries from Beijing. But the two countries will not go to war over the islands, as some may fear: the price would be too high.
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