The Boao Forum for Asia International Convention Center in Boao, Qionghai, South China's Hainan province, on March 24, 2019. [Photo/IC]
Will this year's Boao Forum for Asia be able to generate a stronger consensus for the economic integration of Asia and globalization?
This is a question many were asking as the annual forum opened on Tuesday with the theme of a shared future, concerted action and common development.
As it provides an opportunity for politicians, business leaders, economists and think tanks to brainstorm on the major issues of economic development, what the forum can achieve before it closes on Friday will bear close attention.
It is especially so when the development of the world economy is facing a lot of uncertainties thanks to rising unilateralism and trade protectionism.
With Asia contributing more than 50 percent — China alone 30 percent — to the world's economic growth, advancing regional economic integration would provide a vital boost to the world economy. This will certainly be a major topic for the forum.
In a year, from 2017 to 2018, 17 multilateral or bilateral economic agreements were signed among Asian countries and talks for 70 bilateral ones are underway. Talks on the Regional Comprehensive Economic Partnership are accelerating and so are the talks for a free trade agreement among China, Japan and the Republic of Korea.
Figures for imports and exports within the region, the amount of foreign direct investment Asian countries have received in the past year and Asia's degree of reliance on investment from its own countries have all increased by a large margin compared with those of the rest of the world on average.
Asia's economy is the most dynamic in the world. And among other things, China has played an important role as bellwether by opening its door wider to the outside world and promoting its Belt and Road Initiative.
China owes its tremendous economic success in the past several decades to economic globalization, and its example has encouraged its Asian neighbors to do the same. Its pursuit of building an open and inclusive world economy has convinced its Asian neighbors of the necessity to push for the economic integration of the continent.
With China implementing a series of policies to further open up and encourage innovation in 2018 and an increasing number of Asian countries becoming more aware of where to go for their economic success, there is enough reason to believe that this year's Boao Forum will pool more consensus for Asia's economic integration and more wisdom for the joint endeavor to build a shared future.
Overview
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