The remarkable growth of China and India over decades has shifted the centre of global economy towards Asia and regional integration has intensified. With the global economy in the recovery ward and the IMF predicting an era of mediocre world growth, the record of Asia's economic "giants" is under the microscope. The recent slowdown in China has generated a lively debate on the effectiveness of the giants’ economic strategies to sustain their growth and the implications for the world economy. What role have history and reforms played in the growth of China and India? Can India can catch up with PRC? What challenges lie ahead for transformation in the giants? Should Europe and the United States prepare for a multipolar world?