Zhou Wenzhong, Secretary General of the Boao Forum for Asia

The Boao Forum for Asia (BFA), an annual conference also known as Asia’s Davos, kicked off on April 8 in Boao, Hainan province, under the theme of “An Open and Innovative Asia for a World of Greater Prosperity”. Secretary General Zhou Wenzhong said that no countries can address their economic problems through protectionism, adding that “protectionism will lead nowhere.” The United States administration gave the wrong prescription for the problems with the American economy that were caused mainly by excessive consumption, Zhou told a press conference. Zhang Yuyan, Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS) said that “free trade is the source of economic growth. Opening-up can bring progress while closing-off only leads to backwardness”.

Asia’s export-oriented economies should not fall into the trap of protectionism but adapt to new changes of the external environment and take proactive measures to explore new growth points based on innovation, according to the BFA Asian Competitiveness Annual Report 2018. Asian economies can complement and benefit each other, according to the report. “In the face of growing global protectionism, Asian economies should adhere to trade liberalization and make greater efforts to push forward regional integration,” Secretary General Zhou said. Chinese enterprises have built 56 economic and trade cooperation zones in over 20 countries, creating about 180,000 jobs and about USD1.1 billion in tax revenues.

Globalization and the Belt and Road initiative are key topics for discussion at the Forum. The Belt and Road initiative, proposed by China in 2013, aims to build trade and infrastructure networks connecting Asia with Europe and Africa along the ancient Silk Road trade routes to seek common development and prosperity.

Chinese President Xi Jinping will give a keynote speech at the Forum on April 10. He will expound on China’s achievements and experience in reform and opening-up and their influence on the world, and announce new measures to expand reform and opening-up, according to State Councilor and Foreign Minister Wang Yi.

United Nations Secretary General Antonio Gutteres and several state leaders, including Philippine President Rodrigo Duterte, are attending part of the four-day forum.