The rate of modernization and growth in China, as well as other parts of Asia, is so rapid that it's difficult to gain a true perspective on the magnitude of economic and social change. Yet, putting what's happening in Asia into perspective is crucial, because the issues and opportunities created by this progress are having a profound impact on the global business community.

In 1979, Deng Xiaoping identified Xiaokang -- the ancient Chinese ideal of a well-off society -- as the way to modernize China. He and his successors took steps to raise the population's material wealth to international standards. Progress toward this goal has been nothing short of remarkable. Other countries in Asia are following different roadmaps from China's, but share the underlying goal. Those efforts are changing the way people live -- their lifestyles, mobility, communications, culture -- and affecting their outlook for the future. The challenge is in ensuring that this rapid modernization encompasses a sustainable development strategy and balances social, economic, and environmental concerns.

At the FORTUNE Global Forum we will take a candid, in-depth look at the changes in China and Asia and the ramifications for multinational companies.

CHINA SPORTS ROUNDTABLE: Rapid Development and Emerging Opportunities

A powerful sports boom is under way in China, with significant implications for companies looking to build their brands with the country's enormous consumer population. The 2008 Beijing Olympics are a major catalyst for change, and rapid development is also occurring in virtually every other sports sector. The traditional pillars of sports marketing -- including mass television viewership, sponsorships, and endorsement deals -- are taking shape. This program -- presented with FORTUNE's sister publication Sports Illustrated -- will bring together the leaders of sports in China with experts from around the globe to discuss these fascinating changes and explore the opportunities they present for multinational companies. 

Meet the New China: Cultural Changes, Challenges, and Opportunities

Since 1978, China has moved more than 250 million people out of poverty -- an accomplishment unprecedented in human history. To maintain the forward momentum, 15 million new jobs need to be created every year. During the next decade, more than 400 million people will need to move from the countryside to cities.
Such large-scale change will create previously unimagined infrastructure demands. It also will both require and create major cultural shifts, which will present new challenges and opportunities. In this full-day roundtable, we'll take an in-depth look at a variety of issues -- including the evolving role of media, the move to megacities, mobile communications, education, and the emerging affluent class and luxury market -- and their implications for multinationals operating in or marketing to China.

GENERAL SESSION: THE NEW ASIAN CENTURY

The rise of China, the recovery and comeback of other "tiger" economies, and the emergence of new regional powers are forging an Asia that is a force to be reckoned with. As the region and its leaders assume a more prominent role in the global economy, a host of demographic, economic, and geopolitical trends is emerging. What challenges and opportunities do these trends create for governments and business? What are the dreams of the Asian masses, and what are governments doing to address them?

GENERAL SESSION: THE AUTO INDUSTRY IN ASIA: AN OPEN ROAD?

The auto industry offers a compelling case study that is a microcosm of the issues and challenges of doing business in Asia (and particularly China): government regulation, technology transfer and intellectual property, global vs. local branding, sociological and environmental impact, energy issues, and more. The major auto companies that bet big on Asia, attracted by low manufacturing costs and the enormous potential buying power of Asian consumers, now face competition from local partners looking to establish their own marques and setting their sights beyond domestic markets. Top executives from global and regional auto manufacturers explore the issues, the lessons learned, and the outlook for the future.

GENERAL SESSION: INDIA: THE OTHER EMERGING POWERHOUSE

World-class, homegrown businesses that have emerged in knowledge-based industries are transforming India into a key global player. What needs to happen in other emerging industries for India to repeat the success it has achieved in health care and information technology? Is India poised to become a power in manufacturing as software is embedded in more and more products? What problems are Indian companies facing as they seek to expand and enter the global arena? Although India has dismantled many longstanding impediments to foreign direct investment, what additional reforms and infrastructure development must take place to ensure sustained economic prosperity? 

GENERAL SESSION: UNDERSTANDING CHINA'S CAPITAL MARKETS

A strong, stable private-equity market is critical to the economic growth of China and global markets. How are China's young capital markets evolving? What progress has China made in undertaking the reforms needed to create an environment that will foster stable development of its capital markets? What are the barriers, both structural and cultural, investors need to understand?

CONCURRENT SESSIONS (I, II, III, and IV)

(I) The Falling Dollar's Global Impact
The declining value of the American dollar has had a tremendous impact on the global economy -- an impact likely to be even more pronounced if the yuan is unpegged from the dollar. Economists and policymakers will lead a discussion about where exchange-rate policy is heading and how countries worldwide are dealing with the declining dollar.

(II) Perspectives on Doing Business in Asia: Understanding What Works
Views on business and economic development vary from country to country, continent to continent. Formed by different social, educational, and economic environments, the approaches, attitudes, and models that work in the West do not always translate to the East. What do executives hoping to do business in Asia need to know as they navigate this complex, nuanced business arena? Experienced Asia hands share their successes, misadventures, and hard-won insights.

(III) Corporate Governance
Reform of corporate governance in Asia has been ongoing since the late 1990s. But given the relative newness of the concept to many Asian countries, what does "good governance" really entail? What barriers do Asian culture, ethics, and values raise to implementing the kinds of corporate governance practices that are standard in Europe and the U.S? What rules are likely to be adopted in various Asian markets?

(IV) Creating a Global Workforce
To succeed globally, multinationals need to be able to manage human resources effectively on a worldwide scale. Various models are being phased in with differing degrees of success. What strategies are most effective in managing a multicultural workforce? Can and should you try to create a global corporate culture? How does adopting a global approach change the already complicated issues surrounding attraction, retention, and development of high-potential employees? Why do some see a truly global workforce -- with senior-level positions open to candidates worldwide -- as the ultimate solution?

(V) CNN Connects: CHINA RISING
Televised live by CNN, and chaired by CNN Anchor Jim Clancy, this session features a broad-ranging discussion on the rapid economic growth in China and the huge gaps that remain between rich and poor, city and country, East Coast and the West, and how the leadership is addressing those challenges.

GENERAL SESSION: ENERGY: FINDING FUEL FOR CONTINUED ECONOMIC GROWTH

Sustainable development requires a sustainable energy supply. As the world's appetite for energy continues to balloon, driven by the surging consumption of crude oil in China and other industrial nations, readily accessible reserves are drying up. Known untapped resources tend to be located in areas where extraction costs are prohibitive. Is it time to get serious about alternatives? What are the viable alternatives: nuclear, solar, wind, coal? How do countries balance short-term need for energy to drive growth with longer-term effects on the economy and environment? Is regional cooperation on energy a real possibility, given different strategic interests?

GENERAL SESSION: THE WORLD ECONOMY: WHAT COULD GO WRONG?

Not everyone paints a rosy picture about the current world economy and the outlook going forward. In this session, we'll hear three different views on what may be looming beyond the horizon if we don't heed the warning signs. Blackstone Chairman Pete Peterson and Morgan Stanley's chief economist Stephen Roach will share their visions of an inevitable economic meltdown in the U.S. caused by fiscal profligacy and the corrective action needed to avert it. Noted business consultant C.K. Prahalad will look at the underclass in India and China as a cause for concern and make a case for how companies doing business in those countries can fight poverty with profitability. Renowned Peruvian economist Hernando de Soto will analyze why capitalism has failed to translate to other parts of the world and talk about what actions governments need to take to enable impoverished citizens to turn their work and savings into productive capital.

GENERAL SESSION: OPPORTUNITIES AND CHALLENGES FOR CHINESE COMPANIES (May 18)

GENERAL SESSION: WIRELESS ASIA

Phone, e-mail, and text messages are only the beginning for mobile communication in Asia. Whether it's gaming, banking, or bill paying, position tracking or appliance control, the services and infrastructure available in the region are creating a truly wireless society. How does the market differ from country to country? What are the drivers and enablers of this wireless world? What companies appear to be the winners and losers? What will China's imminent adoption of 3G technology mean to the markets in that country and throughout Asia? What will the landscape look like ten years from now?

GENERAL SESSION: INTELLECTUAL PROPERTY RIGHTS: MORE TURMOIL OR MUTUAL UNDERSTANDING?

Patent, trademark, and copyright infringement issues have long clouded the global business horizon, leading some companies to scrap plans for global expansion rather than put their intellectual property rights in jeopardy. How serious and widespread is the problem? What steps are Asian countries taking to protect intellectual property rights? In what areas has there been progress, where does more need to be done, and what is the likely time frame?

CONCURRENT SESSIONS (I, II, III, and IV)
(I) Roles and Responsibilities of Multinationals:  Social and Environmental
Given the differing responsibilities the world's governments have assumed and the vast differences among nations' laws, regulations, and degrees of enforcement, what should the role and responsibilities of a global corporation be with regard to social and environmental issues? Is there a demonstrable connection between a corporation's concept of social responsibility and its success?

(II) Booming Economies and Commodities
One of the by-products of Asia’s economic boom has been a huge spike in the demand for commodities. Prices have reached unprecedented levels and show no signs of moderating. The increased demand and price hikes impact business strategies and bottom lines and have begun to influence domestic and foreign policies. What are the likely scenarios going forward?

(III) Entrepreneurship
Entrepreneurial spirit is a key driver in the vision and success of local, home-grown companies. How do you develop and encourage private enterprise in countries and industries where there is heavy government involvement? What fuels entrepreneurial activity in the emerging markets of Asia, and how can it best be nurtured? What is the role of venture capitalists -- now and in the future?

(IV) Regional Power Shifts
The past decade has been marked by shifts of economic and geopolitical power throughout Asia. How have changing economic fortunes impacted regional geopolitics and multinational business operations?

(V) The Outlook for Banking Reform in China
A close-up look at the progress being made on banking reform in China and an assessment of the numerous challenges remaining.

GENERAL SESSION: WILL ASIA BECOME THE FOCAL POINT OF TECHNOLOGY INNOVATION?

For the past few decades, the U.S. has been the dominant force in technology.  But with globalization and the rise of Asian economies, the center of technology innovation is beginning to shift. Engineers and programmers are emerging from Asian schools in record numbers. While they once looked to the U.S. for opportunity, they are now finding it at home. Multinationals are increasingly locating R&D and development facilities in the region, and Asian companies are taking stakes in Western technology companies -- or buying them outright. We'll examine this shift, including the importance of culture and the role of government in the struggle to take the lead in technology.

CONCURRENT SESSIONS (I, II, III, and IV)
(I) A Looming Environmental Crisis?
Not everything about the startling economic growth in Asia -- particularly in China and India over the past two decades -- has been positive. Natural resources have been seriously depleted. Escalating pollution has produced widespread public health problems, mass migration, economic loss, and burgeoning social unrest. Governments, NGOs, and multinationals are acknowledging increased awareness of the problem and proposing solutions. Will that be enough, or will more radical approaches be required to avoid a crisis?

(II) Is the Locus of Medical Research and Innovation Shifting to Asia?
Throughout the last century, most of the action in medical research and innovation took place in the West, home to the most up-to-date research facilities and the world's leading scientists, all funded by huge public- and private-sector investments. In recent years, some Asian countries have taken steps to attract research facilities and the scientists to lead them. We'll examine the successes and discuss the opportunities and challenges for the future.

(III) Emerging Trade Relationships
In addition to the numerous trade associations already in existence -- with their varying rules and purposes -- far more are being contemplated or lobbied for globally. There are countless one-to-one free-trade agreements executed or pending. What does all this activity hold for the future? What would be best regionally? Globally? For multinationals?

(IV) Wanted: Good Management
There is no issue more crucial to China's future-and nothing more bedeviling to foreign and domestic companies doing business in China-than management. It is the Achilles heel of Chinese reform. Chinese companies traditionally have followed the top-down model almost exclusively. To achieve success globally, China needs to advance beyond this model and multinationals need to find ways to build smooth partnerships within China. James McGregor, author of One Billion Customers: Lessons from the Front Lines of Doing Business in China, will lead an examination of these issues through two prominent case studies: the CICC deal of ten years ago and the pending IBM/Lenovo merger.

GENERAL SESSION: GLOBAL, REGIONAL, AND LOCAL BRANDING: WHO'S WINNING AND WHY?

A global brand is an invaluable asset, but what is the best way to balance a global vision with local know-how and nuances? Increasingly, domestic "power brands" are challenging global market leaders -- and their aspirations don't stop at their own borders. What strategies are being used to create powerful brands capable of building loyalty among increasingly savvy and sophisticated audiences? How are companies, both global and local, adapting to the ever-changing tastes and diversity of consumers?