People still call Burma as Burma, though Sri Lanka is not referred to as Ceylon much.
China was once known in the West (Europe and Central Asia) as "Cathay", hence the name of HK's famous airline Cathay Pacific. Apparently, Slavic Eastern European languages as well as Turkic languages still use this old name.
But China makes more sense than Cathay, since China is derived from the Chinese word Qin, as in Emperor Qin Shi Huang. The First Emperor to unite all of China into a proper state.
It depends on how things are trending I think. East Asia makes a lot more sense than "the Far East", because... the Far East of what? The Russian far east? The Canadian far east? Etc.
