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BFA: Asian countries must stand firm with each other

  (April 11, 2018)

BEIJING, April 11, 2018 /PRNewswire/ -- A news report by on the annual Boao Forum for Asia:

The annual Boao Forum for Asia is being held from April 8 to 11 in southern China's Hainan province. Its namesake, Boao, is a small fishing village turned international hub, which is once again at the center of global attention.

With the larger theme "An Open and Innovative Asia for a World of Greater Prosperity," the forum includes 60 sessions falling under four key topics, namely Globalization and the Belt and Road Initiative, An Open Asia, Innovation, and Reform. Chinese President Xi Jinping attended the opening ceremony and delivered his keynote speech. He announced a series of measures China will take to further promote its opening-up campaign.

This year's forum is taking place just as trade tensions are escalating between China and the United States. This makes issues such as globalization versus anti-globalization, WTO rules and trade protectionism, and unilateralism versus multilateralism hot topics in the forum.

In recent years, despite various constraints including unbalanced development and the lack of innovation, Asian countries have maintained relatively high economic growth rates. In the latest update from the "World Economic Outlook," the International Monetary Fund predicted that emerging and developing Asian countries will grow at about 6.5 percent from 2018 to 2019. Asia has changed its role from a beneficiary to a promoter of globalization.

Although the trade friction provoked by the United States is targeted particularly at China, it is bound to have an adverse impact on the development of Asia as a whole. Asian countries must stand together firmly to promote globalization while upgrading and expanding hard-won progress through reform and innovation.

The Boao Forum for Asia is a platform for seeking and building consensus on development. To achieve substantive results, Asian countries need to work together to advance the development of an Asia-Pacific free trade area, the China-ASEAN Free Trade Area and the Belt and Road Initiative, as well as other regional and global cooperative endeavors. China will open wider to the outside world and conduct a new round of in-depth reform, in an effort to fuel Asian and world economic development, and to build a community with a shared future for mankind.

China Mosaic

BFA: Asian countries must stand firm with each other


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