In recent decades the centre of gravity of the global economy has shifted towards Asia, and this trend is likely to continue in the decades to come. Asia's growing economic weight enhances its potential to play a much stronger role in shaping twenty-first-century global economic governance. Realization of that potential will, however, depend upon how successfully Asia addresses five key challenges: rebalancing sources of growth; strengthening national governance; institutionalizing regional integration; providing political leadership; and adopting the global lingua franca-English.