The end of the Cold War further accelerated globalization of the market economy in the 1990s. Eastern Europe joined the world trade structure and has been playing an increasingly important role as a supply base especially in the euro area.
In Asia, China, which had already introduced the market mechanism before the end of the Cold War, has become a giant supply base for developed countries including Japan. Exports from China currently account for approximately 15 percent of world exports after adjusting for purchasing power parity, a rise from around 5 percent in 1990.