The press conference of the Boao Forum for Asia on April 8 (Photo: Xinhua/VNA)

Beijing (VNA) – The Boao Forum for Asia (BFA) commenced in the Chinese southern province of Hainan on April 8 with a press conference and the release of three reports, including one forecasting that Asia will lead the world economy with its strong economic growth.

At the press conference, BFA Secretary General Zhou Wenzhong unveiled the BFA reports on the progress of Asian economic integration, the development of emerging economies and the competitiveness of Asian economies.

The BFA Asian Competitiveness Annual Report 2018 wrote that with the continuing integration of Asian economies, economic competitiveness went through steady development in 2017.

The report noted the Asian economy remains one of the major engines driving world economic development, adding that enhanced external growth, transformed internal impetus and deepened cooperation among markets propelled Asia's development.

The Asian economic integration process has accelerated, and economies joint implementation of international market increment strategy will continue to bring dividends. The potential of such market increments in creating wealth will be used to ensure Asian economies will develop well, the report said.

More and more Asian economies are transforming their development patterns through innovation, hoping to bring more high value-added benefits via advanced science and technology, according to the report. 

Meanwhile, the Asian security environment will also improve and non-traditional security threats further decrease, it said, adding that Asian countries will be better equipped to promote their internal governance and improve the overall security situation in Asia.

In the BFA Progress of Asian Economic Integration Annual Report, Asia's demand for investment is estimated to surpass 8 trillion USD by 2020. Therefore, economies need to work together to create a world-class integrated financial market through reform.

The annual BFA is held in Boao city of China’s Hainan province. It was established by 25 Asian countries, including China, Japan, the Republic of Korea, India, Vietnam, Singapore and Australia, in 2001 to create a high-level venue for dialogues between leaders from governments, enterprises, experts and academia to discuss economic, social and environmental issues, thereby promoting economic cooperation and supporting the sustainable development of Asia’s economy.

This year’s BFA is themed “An Open and Innovative Asia for a World of Greater Prosperity”. It will be divided into four segments, namely Globalisation & the Belt and Road Initiative, An Open Asia, Innovation and Reform.

General Secretary of the Communist Party of China Central Committee and President Xi Jinping is set to chair and deliver a speech at the forum’s opening ceremony on April 10.-VNA