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High-Profile Figures to Attend 2017 BFA Development Summit (Macau)

Time:2017-11-01 11:58:21    Views:36890    Origin:Boao Forum for Asia

2017 Boao Forum for Asia Development Summit (Macau), co-organizedby the Boao Forum for Asia (BFA), the Macao Youth Federation and Macau Universityof Science and Technology, will be held on Nov 5th and 6th,2017 in Macau, China. Secretary General of BFA ZHOU Wenzhong and Chief Executiveor Chief Executive Representative from the Government of Macao Special Administrative Region will be present at the forum.

This year's summit, themed on “Smart City and theDevelopment of Asia”, will focus on the future development of Asia from theperspective of youth.  The summit has set up three sessions with themes: “Smart City and the Development of Asia”, “YouthTalents andthe Future of Asia” and “The ‘Belt and Road’ and the Specialized Financial Services”.

Smart City and the Development of Asia

Asia, with its urban population accounting for 18%of its total, is densely populated and thus faces great pressure on theenvironment. Rapid urban expansion, traffic jam, environmental pollution, damaged infrastructure, and increasing energy needs and so on are affecting people's life. Smart citiesrealize digital and intelligent management and operation through informationtechnology and telecommunications technologies to achieve sustainable development.

Smart cities can help Asian countries tocope with social challenges and drive their economic growth, offering good solutions totheir development problems. In 2016, Cushman & Wakefield predicted in the report “Urban Science andTechnology: Intelligent Real Estate for A Smarter Shanghai” that by2025, globally there will be at least 88 smart cities with a complete set offunctions. There will be 32 smart cities in Asia, taking upthe biggest percentage, 31 in Europe and 25 in the Americas.

Asia enjoys unique advantages in developing smartcity. First, mobile phones have high penetration in Asia—over half of the world's 7 billion mobile phone users are living in Asia and its wirelessnetwork infrastructure is advanced; second, Asia is the most dynamic region interms of technological innovation with rapid application. The myriads ofinternet enterprises can boost the development of smart city; third, the policysupport is strong; many countries have made developing smart city their national strategy, such as “Made in China 2025”,Singapore's “Smart Nation”, South Korea's “u-City Smart City”, Japan's “i-Japan SmartCity” Plan and the Multimedia Super Corridor (MSC) promoted by Malaysia.

When it comes to smart city, we must talk about the latest technologies and applications, such as industrial manufacturing, Internet of things, big data, artificial intelligence and cloud computing, etc. Invitees to this session are DONG Mingzhu,Chairperson of the Board of Gree; John RUTLEDGE, Founder of Chairman ofRutledge Capital; LIU Binxing, Director of Greater China of Alibaba Cloud; ZHOUJiangong, Chief Executive Officer of China Business NetworkCo., Ltd. and LI Ying, Inspector of information and service software industry of Ministry ofIndustry and Information and so on. They will discuss this frontier topic.

Youth Talents and the Future of Asia

The future global competition will be thecompetition of technology, which is competition for talents in the final analysis. Inthe modern world, the ability to attract talents has become an important “namecard” for countries. At present, various countries are drafting policies, building a better environment, improving living standards, providingconvenient commercial and public services, and promoting an openand inclusive culture in a bid to attract global talents.

China's cities, such as Beijing, Shanghai, Guangzhou, Shenzhen, Wuhan, and Chongqing,are drawing more and more global talents. Minister and Party Secretary of Ministry of Education CHEN Baosheng disclosed on Oct 22ndthat China has become the world's third largest and Asia's largest destinationfor international students. China is the largest exporter ofinternational students, and has seen a steady stream of students returning fromoverseas. The number of returnee entrepreneurs continues to grow. They not onlybring back advanced skills and expertise, but also international capital,experience and connections.

Even so, the world's employment trend is still facing dauntingchallenges. Automation and artificial intelligence are also posing greatchallenges to young people. According to the report “World Employment andSocial Outlook Trend 2017”, the number of unemployed persons globally is forecast to be above 200 million in 2017, 3.4million more than that in 2016. UBS Group AG estimates thatthe jobs of 30 million to 50 million peoplein Asia will be threatened by AI. Traditional industries such as financial services, medical care, manufacturing andtransportation will be hit the hardest.

Under the new circumstances, how should youth cope with thechallenges? How should various countries cultivate talents and formulaterelevant policies? Marty Mei, Press Secretary to Premier of State Government ofVictoria Australia; Steve OKUN, Senior Advisor of McLarty Associates; SOU ChioFai, General secretary of Talents Development Committee of Macao Special Administrative Region Government, and YANG Fan, Founding Partner of FINUP & CEO of IQIANJIN will participate in the discussions at the session “YouthTalent and the Future of Asia”,to be held on the afternoon of Nov. 5th.

The “Belt and Road” and the Specialized Financial Services

Capital is the blood and food forthe “Belt and Road” Initiative. Since most the Belt and Road countries aredeveloping countries from Asia, there is a great demand for infrastructure aswell as a great shortage in capital. However, infrastructure requires a largeamount of capital and features a long recovery period and high investmentrisks. It is fair to say that difficulty in financing is a common problem facedby the Belt and Road countries.

Belt and Road countries' financial environment varies greatly from each other. For example, in EastAsia, China, Japan and Korea are home to global financial hubs such asShanghai, Hong Kong and Tokyo and boast a high degree of financial integrationwith the world; in Central Asia, the financial industry is relatively underdeveloped and there is a no developed regional financial center; in South East Asia, thefinancial industry is witnessing rapid development and becoming increasingly adaptive to Internet finance. Yet, the financial coverage rate is low and countries' regulations vary greatly.

In light of the specificconditions in the Belt and Road countries, it is a feasible solution to developspecialized financial services and provide innovative services. Diversefinancing channels such as sovereignty fund, PPP (Public Private Partnership), equity financing, financing leasing, green finance, energy finance, supply chainfinance will leverage more and more capital for the “Belt and Road” Initiative.

Multilateral development banksplay a very important role. History proves that development-oriented businesscan effectively connect the government and market. It supports the long-termnational plans with international strategic thinking and market-based operational approaches. Currently, some time-honored banks such as Work Bank (WB), Asian Development Bank (ADB), and European Bank for Reconstruction and Development (EBRD) are cooperating with emergingfinancial institutions such as Asian Infrastructure Investment Bank (AIIB), New Development Bank BRICS (NDB) to inject abundant, steady and sustainable capitalsupply to infrastructure projects in Asia.

In turn, the “Belt and Road”Initiative also provides great opportunity for the financial industries alongthe route. Macau avails itself of the opportunities offered by “Belt and Road”Initiative to develop its financial industry. In line with its strategy ofeconomic diversification, Macao is stepping up efforts to develop itsspecialized financial services, including services such as expanding financialleasing, wealth management, Sino-Portuguese financial services, and green transaction,so as to achieve dislocation development and complementarity in finance withits neighboring cities.

At the last session, Kenneth FENG, Vice President of MGM China Holdings Limited; Robert KOEPP, NetworkDirector of Economist Corporate Network; LI Peng, Chairman of the Board of China Huarong Financial Leasing Co., Ltd; SONG Yunsong, Director of CPD FundManagement Company and Wilson VONG, Executive Director of the Monetary Authority of Macao will talk about the difficulty in financing and analyze solution as well as explore effective means to integrate Macau into the “Beltand Road” Initiative and develop specialized financial services.

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