The 2017 Boao Forum for Asia concluded in Hainan, China on March 26 after four days of working, with a statement advocating economic globalisation, cross-border trade and investment liberalisation.

Overview of 2017 Boao Forum for Asia (Source: VNA)

The statement put forward six initiatives, urging Governments to consider economic globalisation as a positive force, and to work through dialogue and cooperation to reform and perfect the international economic order and global governance systems, with policies to ensure benefits of economic globalisation more widely shared.

Cross-border trade and investment liberalisation are the driving forces of global development, the statement said, calling on Governments to protest trade protectionism and continue with the liberalisation of trade and investment as well as reform of multilateral mechanisms and governance.

International organisations such as the World Trade Organisation and the Asia-Pacific Economic Cooperation (APEC) Forum should work towards a more open, inclusive, fair and equitable bilateral and multilateral trade system, while multilateral financial organisations like the International Monetary Fund and the World Bank were urged to improve supervision of global finance, supporting cross-border capital flows and working to lessen impacts on the real economy.

The statement also suggested that countries implement public private partnership (PPP) model flexibly to facilitate technological innovation and cross-border movement of knowledge and information.

It called for the building of an open mechanism for multilateral cooperation to ensure balance in globalisation, with infrastructure and institutional and people-to-people connectivity promoted.

Under the theme “Globalisation and Free Trade: The Asian Perspective”, this year’s Boao Forum attracted 1,727 delegates who are politicians, businesspersons, scholars and reporters from 50 countries and regions.

(Source: VNA)