Stunning surprises, economic dynamism, and a bit of heartbreak -- Asia has experienced all of them this year. Just rewind the tape and you get the idea. Pundits were blown away by the electoral triumph of India's National Congress Party led by Sonia Gandhi, the Italian-born widow of Prime Minister Rajiv Gandhi, over the ruling Bharatiya Janata Party. It reminded us all of democracy's power in a society that has become a global outsourcing mecca but still struggles with entrenched poverty.
Another eye-opener, of course, has been the economic revival of Japan, written off as a society in permanent decline. The turnaround owes much to gutsy managers and even some gaijin. At the same time, Chinese policymakers grappled with a white-hot economy that might run off the rails, a scenario with global implications.
Say this about the region: It hasn't lacked for human drama. And the achievements of individual policymakers, entrepreneurs, managers, financiers, and opinion shapers that drive the region are what BusinessWeek's seventh annual Stars of Asia is all about. These outstanding players come from all walks of life. In the political sphere, maverick reformers such as Japanese Economy & Financial Services Minister Heizo Takenaka are working to repair a sick banking sector that held Japan back from prosperity. And Chun Jung Bae, parliamentary leader of the ruling Uri Party, is leading a crusade to change the corruption-prone political culture of South Korea.
Let's not forget the contribution of managers, who have helped Asia remain the world's most economically vibrant region. In China, Miao Wei has refashioned what was once a near-bankrupt truckmaker, Dongfeng Motor Corp., into a profitable passenger carmaker that is now allied with Nissan Motor Co. (NSANY ) Another turnaround has been Matsushita Electric Industrial Co. (MAT ) When Kunio Nakamura took over the company four years ago, he knew the time for half-baked restructuring was over. He slashed 20,000 jobs -- almost unthinkable in Japan. Today, Matsushita is raking in profits, thanks to lower costs as well as new and stylish digital cameras and DVD recorders.
Asia's entrepreneurial vigor is as strong as ever. Consider the story of Tony Fernandes, who had the guts to buy a tiny bankrupt Malaysian airline, Air Asia, back in late 2001, when terrorism fears slammed the industry. Today, it is a profitable, fast-growing international discount carrier, and Fernandes is driving dramatic change in civil aviation policy in Southeast Asia.
Then there are those unique souls who risk much to fight injustice and cast an unflattering light on poverty and corruption, sadly another part of the Asian reality. To many Westerners, China is a land of glittering skylines and unbridled growth. But the husband-and-wife team Chen Guidi and Wu Chuntao, authors of the book, China's Peasants: An Investigation, discovered the dark side of the China story, where corrupt local politicians seem unresponsive to human needs. If there is a common thread among our Asia Stars it is this: Be they mighty official or muckraker, these folks care deeply about their societies and want to make a difference. And that's one reason among many that Asia continues to fascinate.
By Brian Bremner in Tokyo Correspondents Frederik Balfour, Bruce Einhorn, Moon Ihlwan, Manjeet Kripalani, Michael Shari, Dexter Roberts, Ian Rowley, Assif Shameen, and Hiroko Tashiro contributed to this report.
Zhang Xin
Co-Chief Executive, SOHO China
When Zhang Xin was 14, she lived in a firetrap Hong Kong slum and toiled in grimy factories stitching shoes and clothes and assembling toys. She dreamed of getting an office job, learning English, and studying in Britain. Today, at 39, Zhang has done all that -- and more. Thanks to hard work, she studied at Sussex University and got a master's degree in development economics at Cambridge. Then Wall Street beckoned, and she worked as an analyst in New York at ING Barings and Goldman, Sachs & Co.
Now Zhang is back in China, pursuing an entirely new career: real estate. Her privately held Beijing company, which pulled in revenues of $405 million last year, is called SOHO China Ltd. It's not only one of the busiest builders in the capital but also one of the most admired for the attractive, innovative architecture of its buildings.
Since 1995, Zhang and her 40-year-old husband, Pan Shiyi, who runs SOHO with her, have built four projects in Beijing and Hainan Province, and have three more in the pipeline in the capital. SOHO is an acronym for "small office, home office," and most of its projects are residential and commercial developments for the upper middle class. One recent project is Jianwai SOHO, consisting of 18 residential towers, two office towers, and four villas in downtown Beijing that boast light, airy apartments, trendy restaurants, and art galleries. But while Zhang prides herself on building for the middle market, she has also taken on lavish projects such as the Commune by the Great Wall, which comprises 12 villas, each designed by a different Asian architect. Last year, Zhang became the first non-architect to receive an award at the Venice Biennale, for her "bold personal initiative."
In overseeing the design of her buildings, Zhang is vividly aware of how oppressive and chaotic a contemporary Chinese city can be. "Wherever there is ugliness and messiness," she says, "that is the place we can make a difference."
Does she worry that she will be caught in a housing bubble? Zhang says no, since most of what she builds appeals to the cost-conscious new generation of aspiring middle class buyers -- the most stable segment of the market. "These people don't care about big lobbies," she says. "They want broadband and a good location." And if hard times come, Zhang thinks she is well-equipped to face them. "I don't come from an ivory tower background," she adds. "In many ways, that makes you much tougher in executing your plans." As tough as any of China's up-from-the bottom entrepreneurs.
STARS OF ASIA -- POLICYMAKERS
Sonia Gandhi
President, National Congress Party, India
Chun Jung Bae
Parliamentary Leader, Uri Party, South Korea
Audrey Eu
Legislator, Hong Kong
Zhou Xiaochuan
Governor, People's Bank of China
Heizo Takenaka
Economy & Financial Services Minister, Japan
STARS OF ASIA -- ENTREPRENEURS
Tony Fernandes
Chief Executive, Air Asia, Malaysia
Kim Beom Soo
Chief Executive, NHN Corp., South Korea
Zhang Xin
Co-Chief Executive, SOHO China
Yoshiko Shinohara
President, Tempstaff, Japan
John Chong
Executive Director, Media Asia Group, Hong Kong
STARS OF ASIA -- MANAGERS
Stan Shih
Chairman, Acer Inc., Taiwan
Kunio Nakamura
President, Matsushita Electric, Japan
Ratan Tata
Chairman, Tata Sons, India
Kim Soon Taek
Chief Executive, Samsung SDI, South Korea
Miao Wei
Chairman and Chief Executive, Dongfeng Motor Corp., China
STARS OF ASIA -- FINANCIERS
Timothy C. Collins
Chief Executive, Ripplewood Holdings, U.S.
Lip-Bu Tan
Chairman, Walden International, U.S.
Nazir Razak
Chief Executive, CIMB, Malaysia
Mark Machin
Head of Asia Capital Markets, Goldman Sachs, Hong Kong
Kathy Xu
China Head, Baring Private Equity Partners Asia, Hong Kong
STARS OF ASIA -- OPINION SHAPERS
Feng Xiaogang
Film Director, China
Nick White
Director, Wellcome Trust's Southeast Asia unit, Thailand
Kiran Karnik
President, Nasscom, India
Teten Masduki
Coordinator, Indonesia Corruption Watch
Wu Chuntao & Chen Guidi Authors, China's Peasants: An Investigation
