How Will Korea, China and Japan Respond in the Time of Transition? The strongest motive for Asian Community is economic. The movement of forming East Asian Economic Community with ASEAN+3 (Korea, China and Japan) at its center is becoming more and more feasible as the regional countries actively correspond and obstacles such as the economic and systematic gaps within the region have been greatly alleviated. The discussion topic for the first integrative session is how the world’s economic Axis Powers are shifting in the mist of the international political and economic atmosphere in which the European Union is shaking and American hegemony is weakening. Although expectations are high, Asian Community faces several challenges: the regional border is not definite; cultural and economic gaps within the region make Asian single-integration difficult. Considering these challenges, the panel ponders and examines the strat-egies that the leading Asian countries should take to carry forward the formation of East Asian Eco-nomic Community. Jeong-woo Lee, an economics professor at Kyungpook University, takes the top of the table. Byunghae-Sohn, also a professor at Kyungpook University, examines in what direction East Asian Economic Com-munity should be carried forward considering the formation of new world economic order. The panel also discusses what has caused the delay in East Asian Integration and what roles Korea must play in order to overcome the delay. Professor Xiyou He from Fudan University gives a presentation on the Chinese roles and status in the composition of East Asian Community. He argues that China’s economic status is becoming a leading force in Asian integration as the world’s second largest economy, the fastest-growing market and a nation with the most foreign exchange reserves. Shin-Horng Chen, a research fellow at Chung-Hua Insti-tution for Economic Research, emphasizes that the market for ‘good-enough’ products must be expanded in order to fully utilize the advantages of Asian regional market trades. The ‘good-enough’ products provide products of good quality at affordable prices. Midok Kim, a professor at Tama University, gives a presentation on the tasks imposed on Japan and the East Asian economic bloc. Wook Chae, the president at Korea Institute for International Economic Policy, and Martin Jacques, an exchange professor at Qinghua University, will join the following discussion. Lee Bong Hyun, Research Fellow, Hankyoreh Economic Research Institute bhlee@hani.co.kr