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Injecting new momentum to global development

Editor: Tong Xinxin 丨CCTV.com

03-24-2016 16:04 BJT

By Yao Yao, Director of Research, China Public Diplomacy Association

The annual Boao Forum for Asia (BFA) themed, “Asia's New Future: New Dynamics, New Vision,” is held in Boao, Hainan province, south China on March 22-25. International political and business leaders, along with think-tank experts have gathered to discuss the future of Asia and the world.

The year 2016 marks the 15th anniversary of the establishment of the Boao Forum. The China-based international non-governmental organization has made considerable progress ever since. The forum has evolved from a simple bilateral meeting into a formal international conference. It has also become an important platform for China’s international exchange.

The ongoing annual meeting is scheduled to hold 88 panels with over 300 speakers and 1,700 representatives invited to participate in the four-day event, filled with luncheons, sub-forums, and wide range of other activities. Macroeconomics, innovation and entrepreneurship are highlighted topics.

Chinese Premier Li Keqiang attended the opening ceremony and delivered a keynote speech. 

Li had conveyed Beijing’s voice to the international community, putting forward the Chinese government’s proposals for Asian development. Participants had exchanged views with foreign dignitaries to inject new momentum to Asian macroeconomic development policy.

The global economy continues to struggle with anemic growth; monetary policies differentiation of major economic currencies has been exacerbated. Trade and investment are headed downward. 

The international financial markets face growing volatility.  Commodity prices are still declining.  Many Asian nations are dealing with rising unemployment, income inequality and development imbalances. 

All parties seek to strengthen policy coordination to revive Asia's economic vitality to guide the global economy for strong, sustainable and balanced growth.

The Boao Forum holds sub-forums to address issues such as production capacity cooperation, 1 + 1 + 1 > 3, prospects of China’s economy during the period of the 13th Five-Year Plan (2016-2020), focusing on core issues of Asian development with a forward-looking strategy. 

Meanwhile, global business leaders are paying more attention to the Boao Forum. Many corporate CEOs from China, Japan, the United States, European Union, Australia and other major economies had engaged in dialogues on issues of the economy and trade relations in Asia and the world.

We are facing a new phenomenon, new problems, new economy including fields of innovation and entrepreneurship, Internet +, artificial intelligence, bio-medicine, exploring some possible schemes for strengthening economic and financial cooperation in and out of the region.

The world and Asia's economic growth lacks momentum.  How can a growth driver develop? Since the 2008 international financial crisis, short-term policies of major economies have played a key role. 

However, depending on fiscal stimulus and monetary easing cannot solve deep-rooted problems. A sustainable, healthy and stable economic growth relies on innovation and reform.

In the new round of technological revolution and industrial change, innovation and entrepreneurship would play a crucial role to promote productivity spanning development and strong economic growth. 

There was another sub-forum, “Internet +” and “+ Internet” and Intelligent Manufacturing to integrate the Internet better with science and technology innovation.

Business leaders had brainstormed on how to reach a consensus on strengthening public entrepreneurship and innovation, structural reforms, new industrial revolution and digital economy.

The Boao Forum will advance with the times, keeping close to actual situations of Asian countries, injecting new momentum to the global economy, and supporting a development path that reflects international standards with its own characteristics.

Yao Yao, Director of Research, China Public Diplomacy Association 

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.


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