Xinhuanet

Economic Watch: Boao forum to rally support for globalization

Source: Xinhua 2017-03-23 22:35:24

CHINA-BOAO-FORUM-MEDIA LEADERS ROUNDTABLE (CN)

The Media Leaders Roundtable is held at the Boao Forum for Asia Annual Conference in Boao, south China's Hainan Province, March 23, 2017. (Xinhua/Yang Guanyu)

BOAO, Hainan, March 23 (Xinhua) -- The ongoing Boao Forum for Asia (BFA) is tackling an issue of widespread concern.

Globalization must not be reversed, Zhou Wenzhong, BFA's secretary general, told Xinhua, adding that the forum will strengthen the case for more inclusive globalization.

The four-day conference, under the theme of "Globalization and Free Trade: The Asian Perspectives," runs until March 26 in Boao in China's southernmost province of Hainan.

"The forum will focus on how developed and developing economies should cope with globalization," he said.

NO MORE LOSERS

Globalization, an inevitable outcome of rising productivity and technological advances, has driven the world economy and poverty alleviation over past decades, Zhou said.

It has also accentuated the imbalance between growth and distribution, capital and labor, and efficiency and fairness, he added.

Protectionism is gaining ground. In 2016, Chinese exporters suffered a record number of 119 trade remedy investigations initiated by 27 countries or regions, 32 more than in 2015.

The root cause lies not in globalization itself but in an anachronistic global governance system, Zhou said, adding that anti-globalization will only aggravate global economic woes.

How a country accommodates people and industries which are on the losing end of globalization decides its integration with others, said Yao Zhizhong, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.

Generally speaking, globalization is beneficial to emerging economies, and its progress hinges on the management of negative effects, he said.

A LESSON OF HISTORY

As anti-globalization rears its head, East Asia is suffering setbacks in economic integration, according to the BFA annual report.

Asian economies' interdependence in trade and investment has decreased, with a likely retreat in integration of the manufacturing network and financing, according to Lin Guijun, vice president of the University of International Business and Economics.

The biggest hurdle is the lack of a sense of community, Lin said.

The financial crisis that wreaked havoc in Asia's economy two decades ago should serve as a grave reminder that the regional community must unite together when facing a crisis, Zhou said.

More regional cooperation and integration will help Asian countries achieve their development goals, he said, calling BFA a platform for deliberation on Asia's path of integration.

Asia, with its vitality and vision, will inject momentum into the globalization drive, he added, citing a prediction by the International Monetary Fund that Asia will account for two thirds of world economic growth within the next four years.

EMBRACE GLOBALIZATION, CHINESE WAY

At the end of 2016, the BFA held a conference in Melbourne, Australia to explore the future of globalization. Participants agreed that globalization should be more inclusive to benefit groups marginalized in this process.

"The Belt and Road Initiative, in a sense, is China's answer to such globalization," Zhou said. The initiative was proposed by China in the hope of creating a trade and infrastructure network connecting Asia with Europe and Africa along ancient trade routes. Participants in the initiative will merge in a community of shared destiny, he added.

The initiative has won support from over 100 countries and international organizations, with nearly 50 cooperation agreements signed.

It has added a new dimension to the solution of integration by stressing infrastructure and connectivity on the basis of free trade and investment, Lin said.

The value of infrastructure projects rose 47 percent in 66 countries and regions that fall under the initiative in 2016, according to accounting firm PwC.

The scheme has promoted economic and trade cooperation and has offered a new way to tackle the anti-globalization trend, according to BFA's annual report on the development of emerging economies.

The initiative will continue to be a key topic of the BFA, between state leaders and senior government officials, as well as between CEOs and ministers from China and other countries along the route.

 
Economic Watch: Boao forum to rally support for globalization
                 Source: Xinhua | 2017-03-23 22:35:24 | Editor: huaxia

CHINA-BOAO-FORUM-MEDIA LEADERS ROUNDTABLE (CN)

The Media Leaders Roundtable is held at the Boao Forum for Asia Annual Conference in Boao, south China's Hainan Province, March 23, 2017. (Xinhua/Yang Guanyu)

BOAO, Hainan, March 23 (Xinhua) -- The ongoing Boao Forum for Asia (BFA) is tackling an issue of widespread concern.

Globalization must not be reversed, Zhou Wenzhong, BFA's secretary general, told Xinhua, adding that the forum will strengthen the case for more inclusive globalization.

The four-day conference, under the theme of "Globalization and Free Trade: The Asian Perspectives," runs until March 26 in Boao in China's southernmost province of Hainan.

"The forum will focus on how developed and developing economies should cope with globalization," he said.

NO MORE LOSERS

Globalization, an inevitable outcome of rising productivity and technological advances, has driven the world economy and poverty alleviation over past decades, Zhou said.

It has also accentuated the imbalance between growth and distribution, capital and labor, and efficiency and fairness, he added.

Protectionism is gaining ground. In 2016, Chinese exporters suffered a record number of 119 trade remedy investigations initiated by 27 countries or regions, 32 more than in 2015.

The root cause lies not in globalization itself but in an anachronistic global governance system, Zhou said, adding that anti-globalization will only aggravate global economic woes.

How a country accommodates people and industries which are on the losing end of globalization decides its integration with others, said Yao Zhizhong, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.

Generally speaking, globalization is beneficial to emerging economies, and its progress hinges on the management of negative effects, he said.

A LESSON OF HISTORY

As anti-globalization rears its head, East Asia is suffering setbacks in economic integration, according to the BFA annual report.

Asian economies' interdependence in trade and investment has decreased, with a likely retreat in integration of the manufacturing network and financing, according to Lin Guijun, vice president of the University of International Business and Economics.

The biggest hurdle is the lack of a sense of community, Lin said.

The financial crisis that wreaked havoc in Asia's economy two decades ago should serve as a grave reminder that the regional community must unite together when facing a crisis, Zhou said.

More regional cooperation and integration will help Asian countries achieve their development goals, he said, calling BFA a platform for deliberation on Asia's path of integration.

Asia, with its vitality and vision, will inject momentum into the globalization drive, he added, citing a prediction by the International Monetary Fund that Asia will account for two thirds of world economic growth within the next four years.

EMBRACE GLOBALIZATION, CHINESE WAY

At the end of 2016, the BFA held a conference in Melbourne, Australia to explore the future of globalization. Participants agreed that globalization should be more inclusive to benefit groups marginalized in this process.

"The Belt and Road Initiative, in a sense, is China's answer to such globalization," Zhou said. The initiative was proposed by China in the hope of creating a trade and infrastructure network connecting Asia with Europe and Africa along ancient trade routes. Participants in the initiative will merge in a community of shared destiny, he added.

The initiative has won support from over 100 countries and international organizations, with nearly 50 cooperation agreements signed.

It has added a new dimension to the solution of integration by stressing infrastructure and connectivity on the basis of free trade and investment, Lin said.

The value of infrastructure projects rose 47 percent in 66 countries and regions that fall under the initiative in 2016, according to accounting firm PwC.

The scheme has promoted economic and trade cooperation and has offered a new way to tackle the anti-globalization trend, according to BFA's annual report on the development of emerging economies.

The initiative will continue to be a key topic of the BFA, between state leaders and senior government officials, as well as between CEOs and ministers from China and other countries along the route.

分享
Media Leaders Roundtable held at Boao Forum for Asia Annual Conference
Media Leaders Roundtable held at Boao Forum for Asia Annual Conference
Session "Bring Craftsmanship back to Manufacturing" held at BFA
Session "Bring Craftsmanship back to Manufacturing" held at BFA
Chinese premier meets Australian parliament leaders, opposition party chief
Chinese premier meets Australian parliament leaders, opposition party chief
Session on 1997 Asian financial crisis held at BFA Annual Conference
Session on 1997 Asian financial crisis held at BFA Annual Conference
British national flag flies at half-mast at British Embassy in Cairo
British national flag flies at half-mast at British Embassy in Cairo
Brazil's Agriculture Minister speaks during meeting at Senate in Brasilia
Brazil's Agriculture Minister speaks during meeting at Senate in Brasilia
Refugees get drinking water from public taps in Gaza City
Refugees get drinking water from public taps in Gaza City
Celebrations held to mark Pakistan Day in Islamabad
Celebrations held to mark Pakistan Day in Islamabad
Latest technologies, models in highlight of Belgrade Car Show UN Security Council calls for immediate efforts to honor permanent truce in South Sudan Chilean miners end strike at world's largest copper mine Ghana to introduce biodegradable plastics this year: minister Turkey to reappraise relations with EU Interview: Belarus sees prospects of cooperation with China in space field: expert Fire breaks out at Bangladesh's 31-story central bank building in capital Dhaka UN Security Council mourns victims of London terror attack Feature: Doctors on strike in Indian hospitals to protest assaults Israeli police arrest teen for bomb threat hoax
Indonesia Fashion Week 2017 opens in Jakarta
Indonesia Fashion Week 2017 opens in Jakarta
Highlights of Miss Universe 2016
Highlights of Miss Universe 2016
Photos of the year: Selected Xinhua domestic pics in 2016
Photos of the year: Selected Xinhua domestic pics in 2016
Xinhua selects world news photos of 2016
Xinhua selects world news photos of 2016
Highlights of Chinese Air Force in 2016
Highlights of Chinese Air Force in 2016
Eye feast given by nature in 2016
Eye feast given by nature in 2016
23 panda cubs send New Year greetings
23 panda cubs send New Year greetings
Miss Universe red carpet event held in the Philippines
Miss Universe red carpet event held in the Philippines
Back to Top Close
010020070750000000000000011105091361526301