Europe must adapt to the reality that we are living in a world increasingly dominated by Asia

It is equally possible, however, that the Euro-American globalist system will become increasingly marginal. China alone is, in the medium-term, big enough to be a bigger cultural and economic world than the EU and U.S. put together. In addition, China will no doubt continue not only to work in Western institutions (IMF, World Bank, WTO), but also to develop its own alternatives with emerging allies: the Asian Development Bank, a possible “BRICS bank,” or the Shanghai Cooperation Organization. The world is increasingly a non-Western one with powers like China, Russia, Brazil, Japan, or South Korea, which are distinctly uninterested in making a fetish of free trade.

http://blogs.lse.ac.uk/europpblog/2013/10/30/europe-must-adapt-to-the-reality-that-we-are-living-in-a-world-increasingly-dominated-by-asia/