"The Rise of the New Asian Giants" conference examines the economic expansion of India and China

The two-day conference co-sponsored by Bryant and Brown University also examined the impact of these countries' growth on the U.S.

The U.S.-China Institute at Bryant and the Watson Institute at Brown co-sponsored "The Rise of the New Asian Giants: Adaptive Strategies in the World Economy" on April 13 and 14. It marked the first official collaboration between the two universities.

In 2006, China's economy grew by 10.7 percent - the fastest growth rate since 1995 - and the fourth consecutive year of 10 percent growth. The Indian economy has itself seen between a seven and eight percent expansion over the past few years.

The economic growth of India and China is really more of a reemergence, said Nancy Biersteker, a lecturer in the Bryant University Economics Department and co-organizer of the event. The two countries were dominant economic players until the 1820s when the Industrial Revolution took place in Europe and the United States, she said.

Today, there are over one billion people in each of the countries, resulting in a formidable labor force. India is developing a burgeoning service sector, while the Chinese are moving from rural areas to live in the city.

Domestically, more and more companies are looking to outsource some of their operations to India and China to take advantage of these growing economies while expanding to compete on a global level.

"Projections to the mid-21st century place China and India on an ascending trajectory while the dominance of Europe and the United State recedes," Biersteker continued.

Brian Houser, a visiting fellow at the Colin Powell Center for Policy Studies at Brown and the conference's keynote speaker noted that in China, 50 percent of earned income is saved, accounting for about $1.7 trillion. The goal is to get the Chinese to buy more and save less, thus opening more opportunities for American businesses, he said.

At Bryant, the U.S.-China Institute and the Chafee Center for International Business help businesses in Rhode Island find and take advantage of these opportunities.

Ray Fogarty, director of the Chafee Center told the Providence Journal, "We are helping businesses get linked to China every day."

In addition to connecting business with China, Bryant has continued to sponsor academic and cultural exchanges, including study abroad opportunities for students and over 70 faculty trips in the last year alone.

Bryant President Ron Machtley remarked that it is important that the United States recognize how to live in a more global world.

"The world is changing very fast," he said.