The title poses a question with an obvious answer; a rising China is increasingly eclipsing Japan and seems destined to become the hegemonic power in Asia. So why read this book about old news? One reason is that the author succinctly assesses the rise of both nations, elucidates the respective strengths and weaknesses of the two economies that account for more than 75 percent of Asian GDP and presents scenarios for how regional rivalry will evolve over coming decades. Busy readers who want to quickly get up to speed on East Asia will learn much from this slim volume, one brimming with a veteran observer's insights and knowledge.
Meyer questions the popular view that "Asia's future is already mapped out, between the ineluctable decline of Japan on the one hand and the irresistible rise of China and India on the other." China has overtaken Japan as the world's second largest economy, but Meyer reminds us that tales of Japan's decline are overstated and it retains economic and financial domination of Asia.
While noting that "China and Japan are kept at odds not only by a burdensome past but also, and above all, by their conflicting ambitions", Meyer does not see these tensions spiraling into war, placing faith in pragmatism and the dynamics of increasing economic interdependence.