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BFA Board Members on Global and Asian Economies

Time:2017-10-16 20:07:25    Views:61890    Origin:Boao Forum for Asia

On the afternoon of October 10th, 2017, Boao Forum for Asia (BFA) held economic symposium in Xi’an where some of its Board Members, members, partners and scholars were invited to discuss the economic situation of Asia and the world, globalization, new economies and new growth drivers and so on. 

The symposium, hosted by Mr. ZHOU Wenzhong, BFA Secretary General, was attended by former Japanese Prime Minister and BFA Chairman Mr. Yasuo FUKUDA, former Deputy Prime Minister of Chinese State Council and BFA Vice Chairman Mr. ZENG Peiyan, and other Board Members including former Prime Minister of Pakistan Aziz, former Prime Minister of Singapore Mr. GOH Chok Tong, former Prime Minister of New Zealand Dame Jenny SHIPLEY and former Vice Premier of Thailand Surakiat.

Mr. FAN Gang, Director of National Economic Research Institute , Mr. BAI Chongen, Executive Associate Dean, School of Economics and Management of Tsinghua University, and other renowned scholars analyzed the world's economic situation.

Mr. Yasuo FUKUDA analyzed Japan's economic situation. He said that the Japanese economy is demonstrating a good momentum of recovery. In particular, it is enjoying low unemployment rate, there is full employment on the labor market and even there is a shortage of labor. Japanese enterprises even find it hard to hire people or personnel with proper skills. A big gap exists between the labor demand and supply. 

Mr. FUKUDA said that China is the largest economic power among Japan's neighbors. China's economic situation is of vital importance to Japan. Japan is paying close attention to the upcoming 19th CPC National Congress in China and hopes that the Chinese economy will continue to maintain steady growth.

Mr. ZENG Peiyan said the overall economic landscape is optimistic. Particularly, this year's trade growth is likely to surpass that of the world economy. However, the world economy is still facing many uncertainties, such as Trump's tax cut plan, Federal Reserve's interest rise, the entry of Germany's right wing power into parliament, as well as many non-traditional threats such as terrorism, refugee crisis and so on.

Mr. ZENG said that China's economic trade, especially import, has been growing rapidly during the first nine months, which is beneficial for driving the world economy. The commodity prices are relatively stable. Compared with the previous two years, this year's financial situation is stable and risks are under control.

Mr. ZENG pointed out that China's economic transformation is showing good signs and the service industry is contributing 60% of its economic growth. Science and technology is making increasing contributions to the economy. China's once export-driven economy is currently transforming to a consumption-driven and innovation-driven economy. China is an import and export country of capital and technology at the same time. 

Mr. ZENG gave his positive interpretation of questions such as the investment benefit of the “Belt and Road” Initiative, production capacity and environmental protection and so on.

Participating BFA Board Members, scholars and entrepreneurs also held interactive discussions around various issues.

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