There was some heated debate some time ago which I was late to join in, so I would like to add my two bobs worth.
These are what proponents of Asian values are based on the premise that there is:-
*deference to societal interests (one of the more important points). It clarifies a very important message where "the rights of the society must come above the rights of the individual".
*an attachment to the family as an institution;
*thrift
*conservatism in social mores
*respect for authority
This list is not exhaustive, and yes, Asians do prize consensus over confrontation, and to emphasise the importance of education amongst other things.
This is not to say that Asian values are superior, and not without drawbacks, or that these values are only promulgated in the "Asian" region.
I may dare criticise that some of these values, when exercised absolutely, have created nepotism from family attachments, and wheel-greasing and corrupt politics from seeking consensus.
A lot of these values have emanated from a familiar philosophy handed down by Confucius, and to a certain extent, from Buddhism, Islam, Christianity et cetera.
I believe that the world is a global community where exchanges of ideas happen often and very quickly in this era. It is easy for "Non-Asians" to criticize and say that these values are universal - but they are indeed universal. It is also easy for a staunch supporter of Asian Values to say that the Non-Asians have confused ideas rooted in their own tradition - about individual freedom and liberal democracy - with universal truths.
Historians will tell that in the pursuit of individualism, Non-Asians have made the descent into a morass of broken families, drug-taking, promiscuity, mud-slinging and violence.
Nevertheless, this does not mean that they do not have "Asian values" since I believe that they are universal values.
Values change over time to suit the present change of what's most important -economic progress. The 19th century Britain used to have "Victorian values" that suited the conditions then. The 21st century Singapore will likely have Asian Values as well as "external" values. In fact, every person, Asian or not, and every country, Asian or not will adopt all kinds of values to their own convenience.
The words "Asian values" should not be taken as to apply only to Asians in Asian countries but rather, it is a generic term to apply to the ideals that were mostly mooted in Northern Asia a few centuries ago.
Again, this world is a global community only made smaller by technology.