Throughout the year, Boao is a quiet beach resort town in southernmost China attracting tourists seeking the trinity of sun, sand and sea. However, for a few days in late March, the city gets swarmed with politicians, corporate executives and opinion leaders from both the media and academic world who gather for the Annual Conference of Boao Forum for Asia.
What is Boao Forum? Why does it attract so many prominent figures? And what is on the agenda for this year?
Here is what you need to know about the Boao Forum for Asia.
An Asia-focused forum, new but influential
Established in 2001, the Boao Forum for Asia (BFA) is a high-end networking platform for government leaders, business tycoons and academics, where discussions about current issues of relevance to Asia and the whole world are held. The forum’s mission is to promote regional economic integration to achieve common development in Asia.
Boao, a town of 29,000 people in the south Chinese Province of Hainan, is the permanent site of the BFA headquarters and has been the host of the annual gathering since 2002
2017 BFA on globalization
This year's Boao Forum for Asia is being held under the theme of “Globalization & Free Trade: The Asian Perspectives.” The event will last from March 23 to 26.
The world is undoubtedly facing significant changes in international political and economic landscapes with rising protectionism and degloblalization posing a threat to global economy. Against such backdrop, the conference has divided its focal points for this year into four modules: globalization, growth, reform and new economy.
Forty-four sessions will tackle macroeconomics, politics, finance, entrepreneurship, innovation, social welfare and culture.
Who will attend?
On the political leaders’ front, former Prime Minister of Japan Yasuo Fukuda, former Vice Premier of China Zeng Peiyan, and former Prime Minister of Australia, Bob Hawke will be in attendance. From the business world, Toyota Motor Corporation’s Chairman Takeshi Uchiyamada, and Warner Bros Chairman and Chief Executive Officer Kevin Tsujihara will be participating this year. Former World Bank Chief Economist Justin Lin Yifu is one of many academics joining the discussion as well as CBN News CEO Zhou Jiangong and Financial Times chief correspondent Henny Sender.
“Globalization and Free Trade: The Asian Perspective” is the theme of the 16th Boao Forum for Asia (BFA) Annual Conference, which gets underway on March 23.
Over 180 delegates from the fields of politics, business and media will convene in the town of Bo’ao on China’s island province of Hainan for four days of high-level discussions.
Over the past 15 years, the Forum has offered a platform for Asian voices: to express views and debate the economic development of the region.
The Forum’s roots lie in a 1998 meeting in Manila. Former President of the Philippines Fidel V. Ramos, former Prime Minister of Australia Bob Hawke and former Prime Minister of Japan Morihiro Hosokawa proposed the establishment of an Asian forum to give countries on the region a place to share ideas and plan the future.
The first Boao Forum took place in 2002 and the BFA has steadily developed since. It is now synonymous with Asian financial trends and testing the temperature of the region’s economic health.
2002: New Century, New Challenge, New Asia
-The BFA (Guilin, China) Declaration was passed to further cooperation, development and innovation in the tourism industry.
2003: Asia Seeking Win-win Results: Cooperation Promoting Development
-With SARS spreading across Asia, a seminar titled “SARS and Asian Economy: Impact Assessment and Proposals” was co-sponsored by BFA and the Asian Development Bank (ADB) to discuss to what extent the epidemic could affect the economy.
-The BFA agreed terms with the World Bank to work together to study cooperation on the Asian economy.
2004: Asia Seeking Win-win Results: An Opening Asia to the World
-The conference was underscored by discussion of Asian issues in the context of the wider world, and moved to welcome more high-level individuals from outside Asia to join the BFA dialogue.
2005: Asia Seeking Win-win Results: A New Role of Asia
-The BFA and the World Bank joined hands to publish the first Asian Integration report of the annual conference. The study served as a set of guidelines for governments and enterprises from Asian countries to plan their development strategies.
2006: Asia Seeking Win-win Results: New Opportunities for Asia
-In-depth discussions on the economic integration of Asia, as well as international energy, real estate and automobiles were the focuses of BFA 2006.
-A special roundtable conference entitled “Youth Leaders of Our Time” and the “Meeting for Entrepreneurs across Taiwan Straits -- Strengthening Cross-straits Economic Cooperation, Achieving Joint Prosperity across Taiwan Straits” were held.
2007: Asia Winning in Today's Global Economy - Innovation and Sustainable Development
-Wu Bangguo, chairman of the NPC Standing Committee, gave the keynote speech entitled “Creating Harmonious Conditions for Peaceful Cooperation in Asia.”
-International mainstream media, including The Times, Bloomberg News and the Financial Times, became media partners of the BFA.
2008: Green Asia: Achieving Win-win Results in Reform
-Green development conception and sustainable development were the focuses of BFA 2008.
-The BFA also held a finance forum in London, the first time that the forum had ventured beyond Asia.
2009: Economic Crisis and Asia: Challenge and Prospect
-Amid the chaos and uncertainty of the global economic crisis, the annual conference discussed how Asian countries could cope with new challenges and how to reach a balance between innovation, opening up and regulation.
- A TV debate was held for the first time, revolving around “Next Competitive Edge of Asia.”
- BFA Chairman and former President of the Philippines Fidel Ramos made an appeal “not to allow the neighbors to fall.”
2010: Green Recovery: Realistic Choice for Asia’s Sustainable Development
-The transition of the Asian development model in the context of the global economic crisis was the focus in 2010.
-The BFA 2009 Report on Development of Emerging Economies was published, which was the product of BFA’s first cooperation with the World Economy and Politics Research Institute of Chinese Academy of Social Sciences. The report was the first to study the 11 most typical emerging economies out of the G20, and raised the concept of E11 (11 emerging economies), pointing out a fixed scope and target for the study of emerging economies.
-Boao also took part in Shanghai Expo 2010, where September 9, 2010 was designated as the BFA Honorary Day.
2011: Inclusive Development: Common Agenda and Brand-new Challenge
-In the wake of the global economic crisis, how the E11 survived the turmoil and propelled the global economy was a key discussion.
-Issues related to ecology and environmental protection were also covered.
2012: Asia Changing the World: Heading for Healthy and Sustainable Development
-With the redrawing of the global economic map, the Asian economy took center stage and discussions on three central themes were held during the conference, namely “Root Cause for the Uncertainty in the World Economy,” “Reform and Transformation,” and “Innovation and Sustainable Development of Asia.”
2013: Renovation, Responsibility, and Cooperation: Asia Seeking Joint Development
-Over 50 meetings, discussions and debates on review, reform, transformation, and innovation of the development paths of different areas and different industries were held at BFA 2013.
-Chinese President Xi Jinping stressed that China will be always on the road of peaceful development and reciprocal cooperation for win-win results; and China has a firm resolution to keep on its reform and opening up, will continue improving its policies in this regard and will continuously upgrade its service to offer a better environment and conditions to foreign investors.
-The BFA Vice Chairman and chief representative of China Zeng Peiyan gave a keynote speech at a branch forum on “Global Recovery and Joint Development of Asia”, and proposed the “Asia Infrastructure Cooperation Initiative” suggesting the building of a special multilateral financing body.
2014: Asia's New Future: Identifying New Growth Drivers
-Enhancing economic cooperation and integration was the focus of BFA 2014.
-BFA Vice Chairman Zeng Peiyan attended the BFA Board of Directors Meeting, BFA General Members Meeting, as well as such panels as the "Asian Economic Outlook for 2014: A Dialogue with BFA Board of Directors", "Reform: Reviving the Competitiveness of Asia & Emerging Markets" and "Japan-China CEO Dialogue: Japan-China Economic Relations & Trade –– Status Quo & Prospect.”
2015: Asia’s New Future: Towards a Community of Common Destiny
-Echoing the “Belt and Road” Initiative proposed by President Xi in 2013, discussions over sustainable development, regional cooperation and regional economic integration were held during the annual conference.
-The BFA Expert Committee on Energy, Resources & Sustainable Development was established.
2016: Asia's New Future: New Dynamics, New Vision
-Internet finance, the sharing economy, artificial intelligence, crowd funding and supply-side structural reform so as to build up a dynamic Asian economy were the main topics of discussion at BFA 2016.
-Under the theme of “One Belt and One Road Integrated with the Eurasian Economic Union”, discussions over energy, resources and sustainable development were held.
What will be the highlights and outcomes of 2017’s conference? Keep your eye on CGTN’s daily WeChat newsletters and other social media platforms for the latest updates from March 23 to 26.
(With inputs from the official website of the Boao Forum for Asia)
