We review the economic performance of Asia-Pacific Area from 2011 to 2012 Q3. Due to the resurgence of external downturn and the fading impact of domestic stimulus policy, the economic growth in this area slowed down, though still higher than the world average. Most countries had less inflation pressure than the year before. Countries in this area also encountered capital outflow as well as exchange rates depreciation owing to the uncertainty of easing policy in developed countries. All countries experienced two rounds of external economic slowdown, but the policy reactions to them were quite different: while Asia-Pacific countries struggled to decouple with those developed country in the first occurrence, they actually showed a stronger tie with the developed economies during the second round. Standing in the crossroad, Asian-Pacific economies still have a long way towards successful structural reform. <<