Boao Forum claims to be ‘Asia’s Davos’

Chinese President Xi Jinping delivers a keynote speech at the opening ceremony of the Boao Forum for Asia (BFA) Annual Conference 2013 in Boao, south China's Hainan Province, April 7, 2013. (Photo: Xinhua/Newsis)

Chinese President Xi talks of peace, openness and common development

Asia has become a major growth engine for the world economy but needs to transform its development model, Chinese President Xi Jinping said. Xi also expressed China’s wish to work with regional leaders to build a better future for Asia and the world.

Xi delivered a keynote speech at the Boao Forum for Asia 2013 held Apr. 6~8 on the theme ‘Asia Seeking Development for All: Restructuring, Responsibility and Cooperation’ in Boao, a coastal town in south China’s Hainan Province.

Xi said he hopes that the government, business and academic leaders in attendance can better use this platform to contribute to the world. “I hope you will engage in an in-depth discussion about promoting development in Asia and beyond and thus contribute, with your vision and commitment, to peace, stability and prosperity in Asia and the world at large,” Xi said.

He also noted that Asia is one of the most dynamic and most promising regions in the world. In recent years, Asia has contributed to over half of global growth, instilling much needed confidence in the world. However, he added, the region still faces many difficulties in boosting both its own development and its cooperation with other regions.

Asia has emerged as an important engine driving world economic recovery and growth, contributing to over 50 percent of global growth in recent years and instilling much needed confidence in the world, Xi said.

What’s more Asia’s cooperation with other regions of the world at regional and sub-regional levels has great vitality and promising prospects, he said.

“Asia needs to transform and upgrade its development model in keeping with the trend of the times. Sustained development is still of paramount importance to Asia, because only development holds the key to solving the major problems and difficulties the region faces. It is important that we should shift the growth model, adjust the economic structure, make development more cost effective and make life better for our people,” Xi said.

Xi’s keynote also said, “China is an important member of the Asian and global family. China has become the largest trading partner, the biggest export market and a major source of investment in many Asian countries. And China will make efforts to further boost Asia’s prosperity and the world’s development.”

Xi’s comments were echoed by International Monetary Fund (IMF) Managing Director Christine Lagarde, who said all countries and regions should have a greater sense of responsibility for the consequences of their policies for their own nations and regions, as well as for the rest of the world. Lagarde urged re-accelerating the international cooperation process, warning that the desire to cooperate is abating in comparison to the beginning of the global financial crisis.

Xi also called for openness and inclusiveness to enhance common development of Asia and other regions. In the past 10 years, trade within Asia has increased from 800 billion US dollars to 3 trillion US dollars, while its trade with other regions has grown from 1.5 trillion to 4.8 trillion US dollars.

Australian Prime Minister Julia Gillard said the forum reflects changes in the region and demonstrates the enduring significance of regional growth and security. “For Australians, the Boao Forum is also a particularly significant symbol of the role we seek to play in the region,” she said.

This year’s 12th Boao Forum turns out to be the largest ever. More than 10 heads of state, business leaders and Nobel Prize winners, altogether 1,400 representatives from 43 countries have gathered to discuss pressing global issues.

Heads of state range from Kazakhstan President Nursultan Abishevich Nazarbayev, Cambodian Prime Minister Hun Sen and New Zealand Prime Minister John Phillip Key. Several global big names and business leaders attended the forum including Microsoft co-founder Bill Gates, investor George Soros and Hsing Yun, founder of the Taiwan-headquartered Buddha’s Light International Association.

Samsung Electronics Vice Chairman Lee Jae-yong also attended the forum and met with Chinese President Xi. Lee, the heir of Samsung Group took part in a session where the Chinese leader greeted the 15 board members of the forum.

Since its inception, BFA has become an important platform for China noted as ‘Asia’s Davos Forum’ with growing global influence. The annual forum modeled after the World Economic Forum held in Davos has been sponsored by Chinese government-controlled organization.

BFA organizers believe that Asian region lacked a forum or an organization that was really led by Asia and that stems from the interests of Asians. BFA has been intended to promote the Asian tradition of seeking win-win results, as well as help regional economies look for common ground, transcend differences and pursue common development. <Compiled from Xinhua and other media reports>