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  1. Home

  2. About BFA

  3. Conferences & Meetings

  4. Press Center

  5. Members & Partners

  6. BFA Academy

  7. Areas of Focus

  8. Regional Cooperation

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BFA Launched the First 2020 Flagship Report and Held Symposium on Asian Development Prospects and Challenges under the Pandemic
Origin:Boao Forum for Asia      Time:2020-05-08 23:59:31    Views:1054

(Event information)

 

On the morning of the 8th May 2020, the Boao Forum for Asia(the “BFA”) successfully launched its first 2020 Flagship Report and held the Symposium on Asian Development Prospects and Challenges under the Pandemic (Download Report). The event was hosted by the BFA Secretary General Mr. Li Baodong. The BFA Vice Chairman and Chief Representative of China Mr. Zhou Xiaochuan and the BFA Director and former Deputy Prime Minister of Singapore Mr. Wong Kan Seng addressed the audience. More than 230 high level representatives from international organizations, embassies in China, BFA host country government, BFA members, and from the industry, academia, and media attended the event. 

 

 

Vice Chairman Zhou Xiaochuan pointed out that, the pandemic has widened the social distance among people, yet during the hard times, mutual understanding and helps from each other, between countries and across regions are more imperative, to bring together wisdom and to find solutions. The key to economic policies is to provide basic social security and mitigate the debt burden. Some kind of “put-on-hold” policy arrangements can be considered. When providing assistance, international organizations should pay particular attention to developing and emerging market economies that are hard hit. Mr. Zhou stated that, facing grave challenges, China has actively devoted itself to the global cooperation in fighting the pandemic, determined to fully implement "six safeguarding" internally and sent out positive signals to the outside world on deepening market reform and furthering opening up, making arduous efforts in tackling the pandemic. The international community should be vigilant against risks of inward looking in some countries, unstable global supply chain and escalating trade frictions. The destiny of all countries is bounded together. As long as the international community overcomes fear and fight together, we will eventually win the battle.  Asian economies have strong resilience. They will continue to play the role of a global growth engine during and after the pandemic. 

 

 

Mr. Wong Kan Seng stressed that, this global pandemic is a wake up for the international community to act in concert to fight this common enemy and to build a safer world. It is very important not to shut our door and turn inwards. The solution is not protectionism and nationalism. We need to keep an open and sustainable global supply chain, ensuring free trade of goods and services. We shall resist the urge to stop globalization and strengthen global cooperation. By staying open and connected we can emerge from this crisis stronger and more resilient than before.

 

 

Mr. Li Baodong stated that, the outbreak of the coronavirus led to the worst economic recession since the Great Depression, and caused severe influences on society and politics. This crucial moment calls for solidarity and global leadership. Mr. Li applauded the G20 Special Summit for its efforts and positive impacts on the global fight against the coronavirus. The Boao Forum for Asia endeavors to promote cooperation and dialogue. All stakeholders should join hands and face the challenges together. Finger pointing and politicalization would divide the global community and put the international joint efforts in jeopardy.

The report writing team then introduced the main findings of the “Asian Economic Outlook and Integration Progress 2020” Report. According to the Report, the duration of the pandemic, continuing trade frictions, accumulation of financial risks especially debt risks, spreading of negative interest rates of developed economies, geo-political conflicts, social stability conditions, and crude oil price tends would be important determinants of Asian economic development in the future years. It is expected that the Asian economy will experience zero growth in the year 2020, and be on the medium-low growth track for the years to come. However, the Asian economy is resilient with an ongoing trend of integration. Intra-regional integration of trade has been on the rise, the production reliance within the region has not been severely affected by trade conflicts, the distribution of competitive advantages of the three world factories remains relatively stable, and Asian investors are more inclined to invest within the region. If equipped with a cross-border disease control mechanism within and out of Asia, we can better tackle the challenges of the coronavirus and other public health crises.   
 

 

Mr. Zhang Tao, Deputy Managing Director of IMF, Mr. Luis Alberto Moreno, President of the Inter-American Development Bank, and heads and senior representatives of regional organizations and think-tanks including the ASEAN+3 Macroeconomic Research Office (AMRO), Central Asian Regional Economic Cooperation Institute (CAREC Institute), King Faisal Center for Research and Islamic Studies (KFCRIS), and the Boao Forum for Asia, shared their brilliant insights on the prospects and challenges facing Asia and other parts of the world. Head of EU Delegation to China Chapuis, Ambassador of the Kingdom of Thailand Srisamoot, Ambassador of Algeria Boukhelfa, and Ambassador of Turkmenistan Durdyev, high commissioner of UNHCR talked about regional and global cooperation mechanism under the pandemic, emphasizing on the principles of inclusiveness, collaboration and openness. Representatives of BFA members and partners also made an active contribution to the discussion.    

The Boao Forum for Asia is planning to launch its five other Flagship Reports on health, financial development, regional trade agreements, technological innovation, and poverty reduction and development in succession with its other major events. 

 

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