How would you evaluate the development of Asia?

In the past decades, Asia has played an increasingly important role in world economic development and has created “Asian miracles” one after another. It has not only transformed itself following a long period of poverty and underdevelopment, but has also injected energy into the world economy.

However, the 2008 global financial crisis was a heavy blow to Asia’s economy, posing an unprecedented challenge to the economic growth of the continent. On the one hand, the previous development mode could not continue, while on the other, a new way of development that fits the new situation has not yet been found. At the same time, a technological revolution led by mobile Internet and artificial intelligence has been booming and gaining momentum, changing conventional ways of production, living, economic operation and even global governance.

Against such a backdrop, with so many changing factors overlapping, it is impossible for Asia to continue its success in the traditional way. To sustain prosperity in the post-financial crisis period, Asia needs a new round of opening up and innovation. Asian economies need to strengthen bilateral and multilateral cooperation and promote regional and sub-regional trade and investment liberalization. Asia needs to create an environment with a fully open market that is suitable for sustainable economic development.

With a new round of technological innovation, Asia needs to boost innovation in basic scientific research and applied technology. Meanwhile, Asian economies need to adjust development thinking and explore innovative ways of implementing institutional, business-model and structural reforms. In this way, they can deepen structural adjustment while maintaining stable growth; resolve the structural problems that restrict the sustainable development of the continent; and ultimately realize innovative, coordinated, green and open development for everyone.