East Asian Economic Integration towards an Economic Community

East Asian economic integration has been largely driven by market forces for a long time of period, while economic cooperation has signifi- cantly lagged behind its economic integration. As indicated by the Asia financial crisis, the market-driven integration is vulnerable. Only through strengthen- ing regional cooperation can East Asia enhance its ability to withstand external risks, so as to maintain its economic prosperity. After Asia financial crisis, East Asia established a 10+3 cooperative framework. While strengthening regional cooperation in financial field, regional cooperation has also broadened in other fields such as trade and investment, and a long-term vision to build a East Asia Free Trade Area as well as a East Asia Community has also been gradually established. After China proposed to build a FTA with ASEAN, the regional cooperation has been accelerated in East Asia. Despite a long way to go for building a Asia Community, the regional cooperation is irreversible in East Asia, and various efforts undertaken will ultimately make the long-term vision into reality.