China helps forge prosperous Asia and world by hosting key events
This year will be a big one for China, with the hosting of its first major international event in 2018, the Boao Forum for Asia (BFA).
Scheduled on April 8 to 11 in Bo’ao, a coastal town in the south China island province of Hainan, the BFA 2018 conference underscores the theme, “An Open and Innovative Asia for a World of Greater Prosperity.”
Earlier this year, BFA secretary-general Zhou Wenzhong underlined the significance of development for Asia and the Pacific — one that is more open, better coordinated, more inclusive and better balanced, as the world economy gets clouded by protectionism.
“Today, global economic growth remains vulnerable and its prospects uncertain,” said Zhou.
Against such a background, the four-day event will include some 60 sessions under four key topics: an open Asia, globalization and the Belt and Road, innovation and reform.
BETTER ASIA AND BETTER WORLD
Asia is a significant part of the world economic landscape. Deloitte has predicted that a more competitive Asia will emerge in 2018, and that Asian economies will enjoy another year that beats growth expectations.
The company attributed its confidence to improving domestic conditions in Asia, such as a better business environment, infrastructure initiatives, and recovery in global demand.
Describing the Belt and Road Initiative as “the largest infrastructure effort in the region,” Deloitte believes it will boost productivity and efficiency in Asia by improving trade links with Europe.
“These projects will support near-term activity and benefit long-term productivity,” said the report.
At the BFA, discussions on globalization and the Belt and Road Initiative will be a continuation of topics addressed at the 2017 conference, and will include the next phase of globalization, rethinking of overseas investment, and island cooperation along the Maritime Silk Road.
Participants will explore options Asian and emerging economies have to do to overtake developed countries.
This year’s BFA meets a time the term “sharp power” has been conjured up to invoke concern about the growing influence of China in the world.
Experts believe that the conference will show the world that “it is time that the China threat theory is laid to rest.” Those who do not have bias or double standards will see China’s development as an opportunity instead of a threat, according to Foreign Minister Wang Yi.
Statistics show that China’s contribution to the global economic growth is bigger than that of the US, Japan and the Euro zone combined, and that China accounted for more than 70 percent of poverty reduction worldwide.
NEW ACTION IN ‘XIPLOMACY’
This year’s BFA is the first since China’s commitment to building a community with a shared future for humanity was written into the Constitution.
The vision, together with China’s proposal of building “a new type of international relations,” represents the country’s efforts to search for the answer to a simple question: What kind of future does humanity wish to create?
Wang Yi has assured the media that China will “take new action and display a new look” on the diplomatic front.
Four key global events will be hosted by China this year, and are expected to be attended by President Xi Jinping.
At the BFA, a key theme will be reform and opening-up, including a review of successes and setting out a new vision.
In June, the Shanghai Cooperation Organization (SCO) will meet at the Qingdao summit, the first since the SCO expanded to include India and Pakistan as full members last year.
The summit will work on a five-year plan for the implementation of the Treaty on Long-Term Good Neighbourliness, Friendship and Cooperation, and will host discussions on security, the economy, culture and environmental cooperation.
In September, the Forum on ChinaAfrica Cooperation in Beijing will propose feasible ways to encourage more African countries to become involved in the Belt and Road Initiative.
Then in November, the first China International Import Expo will take place in Shanghai, where Wang said China would “reach out” to show its market potential.
“China welcomes all countries to participate in and share the new opportunities that come along with China’s development,” Wang said.
These events will exhibit the “majorcountry diplomacy with Chinese characteristics,” which embodies championing peace, being non-threatening, standing up for the small and weak, and sharing development opportunities.
Wang credited Xi as being the chief architect of the major-country diplomacy concept and said the president had been personally involved in the planning and conducting of “brilliant” head-of-state diplomacy.
Over the past five years, Xi Jinping has visited 57 countries and received more than 110 foreign heads of state.
Through his travels and diplomatic meetings, Xi has helped deepen the world’s understanding of a rising China, reshaped the Asian country’s new role on the world stage and offered new ways forward in tackling the most pressing global problems.
DEEPER REFORM AND OPENING-UP
This year marks the 40th anniversary of reform and opening-up, and the 30th anniversary of the founding of Hainan, the tropical island province which has been hosting the BFA since 2001.
China’s smallest province but largest special economic zone is on the frontline of reform and opening-up. This year’s conference will have two sessions exclusively dedicated to the subject. Topics such as capital market reform, monetary policies, tax cuts, rural revitalization and city clusters will be discussed.
Since 1978, reform and opening-up has helped China maintain a double-digit growth, but the country is determined to pursue higher-quality development powered by greener and more sustainable engines such as consumption and services.
For Asia in general, a broader and more in-depth regional cooperation and quicker economic integration are significant. According to Zhou, a roundtable on Asian cooperation will be held at the BFA conference.
The region and the world will undoubtedly share the opportunities as China will open its door wider to foreign investors and further liberalize and facilitate trade and investment.
The Chinese government has announced that it will open up its general manufacturing sector and expand foreign investment access to sectors like financial services, telecommunications, medical services, education, elderly care and new-energy vehicles, according to the government work report.
“As more and more areas are liberalized to foreign investment, businesses from almost every industry can find their own growth points,” said Yang Decai, a professor of Economics at Nanjing University.
As the Asia Pacific region has entered the Year of Dog in the Chinese zodiac, the Deloitte report hopes “for some traits of the dog to continue into administrations this new year — communicative, serious,and responsible — as Asia seeks to consolidate and expand on the good year in 2017.”