Boao Forum for Asia

China hosted the Boao Forum for Asia themed “An Open and Innovative Asia for a World of Greater Prosperity”. Experts call the forum ‘Asia’s Davos’ and consider it as Asia’s alternative to the World Economic Forum annually held in Switzerland. The topics discussed at the Forum cover topics of global-scale. This time, the participants discussed innovation and new financial opportunities and certainly China’s One Belt, One Road strategy. In his speech, Chinese president Xi Jinping presented the overview of China’s development in the last 40 years and summed up the 19th National Congress of the Communist Party of China. Xi Jinping highlighted that China remains a strong supporter of the just world order.

XI JINPING, PRESIDENT OF CHINA:

- China will further pursue the openness of the market. First, we will continue creating favorable conditions to attract foreign investments, insurance companies and financial markets to the financial sector of China. We will ease restrictions on the establishment of international financial institutions in China. As for manufacturing, we have basically opened up this sector only with a small number of exceptions in the automobile, shipbuilding and aircraft industries. There are opportunities for open partnership in these industries and we will enhance them. Second, we will create a more attractive investment environment. We will also enhance alignment with international economic norms, increase transparency in our market, strengthen intellectual property protection and oppose monopoly.

International experts say that today, the Asian region presents a great interest. It is a large and, most importantly, a dynamically developing market. China, certainly, makes a significant contribution to the economic growth. According to Russian experts, the changes open additional opportunities that will strengthen ties between the countries.

ANDREY DENISOV, RUSSIAN AMBASSADOR TO CHINA

Chairman Xi Jinping's specific measures such as practical steps to deepen the reform, which he cited in his speech, are about further development of industries like financial, banking and insurance services. Opening of industries like automotive, aircraft and shipbuilding creates a number of prospects for the Russian companies. Moreover, we’ve just started to have mutually beneficial forms of cooperation in these industries.

ALEKSEY CHEKUNOV, CEO, FAR EAST DEVELOPMENT FUND

I’m glad to hear Xi Jinping's idea of free ports of a new type, since Vladivostok has a free port and these ports of a new type will allow us to expand cooperation.

According to reports on Asia’s development voiced during the forum, over the past year, general competitiveness of the region has strengthened. International experts said that the One belt, One Road initiative will allow maintaining this trend in the future. The development of the economic corridors such as China-Pakistan and Bangladesh-China-India-Myanmar are also aimed at increasing the region’s competitiveness. The Boao Forum for Asia has been held annually since 2002. More than 2,000 diplomats, politicians, economists and businessmen from over 60 countries and regions took part in the forum.