(VOVWORLD) -The annual meeting of the Boao Forum for Asia 2018, themed “An Open and Innovative Asia for a World of Greater Prosperity”, is taking place in Boao, Hainan Island, China. The Forum draws 2,000 participants, including state leaders, to discuss growth, innovation, and prosperity worldwide.
 ( photo: VOV)
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The Boao Forum for Asia (BFA), which is often compared to the World Economic Forum in Davos, was established in 2001 to promote Asia-Pacific economic cooperation and advocate regional economic sustainability. It’s an important annual forum between Asia and emerging economies. Taking place amidst US-China trade squabbles and 40 years of Chinese economic reforms, this year’s forum is expected to have a great influence on Asia’s future.
Momentum for global economic growth
In recent decades, Asia has provided the world’s economy with positive growth momentum. Development based on innovation and integration has been a key to success for regional economies. Japan is the world’s third biggest economy, while China has maintained two-digit GDP growth for three decades to become the world’s second biggest economy. India, with the biggest population in the world, has achieved impressive GDP growth of 7 to 8% in recent years. The 10 ASEAN countries have recorded an average GDP growth of 5%. While the biggest economies have made a fragile recovery, Asia’s steady growth plays an important role in global economic development.
Asian economies are facing challenges in security, environment, competition, and impacts of globalization and trade protectionism. They also need to quickly response to opportunities and challenges created by the 4th industrial revolution.
The recent US-China trade confrontation has affected regional economies. BFA 2018 is an opportunity for them to respond to trade protectionism, affirm their commitment to market opening and integration, and reinforce Asia’s leading role in economic growth and poverty reduction for sustainable development and prosperity.
Affirming its leading role
Chinese President Xi Jinping’s key note address at the Boao Forum reviewing China’s 40 years of reform and opening-up policy, its influence in the world, and China’s reform in the new era is a visible illustration of regional integration. It’s not only important for China but also benefits the world’s economy.
An annual report on Asian competition in 2018 presented at the Forum estimated that Asia’s investment demand will exceed 8,000 billion USD in 2020. The Forum has underlined cooperation in implementing a global market development strategy and opportunities to form a financial market at the international level.
At the Boao Forum, countries will identify Asia’s common values to enhance regional unity and integration. This year’s forum conveys a message of trade and investment liberalization, more open economic integration, economic innovation, and development dynamism to promote a prosperous Asia in a prosperous world.