This article examines a number of policy challenges and dilemmas arising from the pattern of growth and poverty reduction in Asia, central to which is the fact that growth and poverty reduction have been more rapid in Asia than in any other region in the last decade, and yet Asia still contains the majority of the world's poor. The article examines the record of achievement, possible future trends including emerging patterns of inequality, and likely future priorities for poverty-reduction policies. It assesses the role of official development assistance and suggests how it may evolve in future, in part linked with responses to a number of challenges shared between Asian and OECD countries, including energy supply, environmental issues including climate change, and financial stability.