Boao Forum report points out Asia’s leadership in world’s growth
Updated : Monday, April 09, 2018 3:07 PM (GMT+0700)

TheBoao Forum for Asia (BFA) commenced in the Chinese southern province of Hainanon April 8 with a press conference and the release of three reports, includingone forecasting that Asia will lead the world economy with its strong economicgrowth.

The press conference of the Boao Forum for Asia on April 8 - Photo: Xinhua/VNA

At the press conference, BFASecretary General Zhou Wenzhong unveiled the BFA reports on the progress ofAsian economic integration, the development of emerging economies and thecompetitiveness of Asian economies.

The BFA AsianCompetitiveness Annual Report 2018 wrote that with the continuing integrationof Asian economies, economic competitiveness went through steady development in2017.

The report noted the Asianeconomy remains one of the major engines driving world economic development,adding that enhanced external growth, transformed internal impetus and deepenedcooperation among markets propelled Asia's development.

The Asian economicintegration process has accelerated, and economies joint implementation ofinternational market increment strategy will continue to bring dividends. Thepotential of such market increments in creating wealth will be used to ensureAsian economies will develop well, the report said.

More and more Asianeconomies are transforming their development patterns through innovation,hoping to bring more high value-added benefits via advanced science andtechnology, according to the report. 

Meanwhile, the Asiansecurity environment will also improve and non-traditional security threatsfurther decrease, it said, adding that Asian countries will be better equippedto promote their internal governance and improve the overall security situationin Asia.

In the BFA Progress of AsianEconomic Integration Annual Report, Asia's demand for investment is estimatedto surpass 8 trillion USD by 2020. Therefore, economies need to work togetherto create a world-class integrated financial market through reform.

The annual BFA is held inBoao city of China’s Hainan province. It was established by 25 Asian countries,including China, Japan, the Republic of Korea, India, Vietnam, Singapore andAustralia, in 2001 to create a high-level venue for dialogues between leadersfrom governments, enterprises, experts and academia to discuss economic, socialand environmental issues, thereby promoting economic cooperation and supportingthe sustainable development of Asia’s economy.

This year’s BFA is themed“An Open and Innovative Asia for a World of Greater Prosperity”. It will bedivided into four segments, namely Globalisation & the Belt and Road Initiative,An Open Asia, Innovation and Reform.

General Secretary of theCommunist Party of China Central Committee and President Xi Jinping is set tochair and deliver a speech at the forum’s opening ceremony on April 10.


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