However, I do not believe complacency will become a lasting factor. First, international investors will be quick to penalise Asian companies, banks and countries that appear to turn their backs on change. Second, the underlying driver of change globally is information technology. The revolutionary changes spurred by the new technology, symbolised by the Internet, are wide-ranging and pervasive. Technology is changing everything and shrinking the world.
Governments can no longer hide from the world.
Asia cannot turn back from the need for change. Technology is also likely to change the structure of Asian equity markets in 2000 and beyond. North Asian markets are likely to become more dominant due to investors' love affair with technology companies. Look at Taiwan. North Asia will not be the only area within Asian that will benefit.