THE RUSH TO BECOME MORE LIKE US:

China's Xi Jinping, India's Narendra Modi and Japan's Shinzo Abe are simultaneously sketching out vague-but-promising plans to revitalize their rigid economies. It's not a coordinated process -- more of a serendipitous coincidence, driven by a dire need for change in all three nations. Still, the possibilities are enticing: A truly dynamic and innovative Asia would raise living standards for billions and fresh hope for a world wondering where all its big growth engines went.

"With Asia's giants in the firm grip of reformers, prospects have certainly improved," says Frederic Neumann, economist at HSBC Holdings Plc in Hong Kong. "Not only are India and China now led by men that have spelled out an ambitious reform agenda, but so is Japan, with Abenomics ticking away in the background, too."

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