Common Development for Asia: Four flagship reports on Asia's economic factors released
Updated 17:00, 29-Mar-2019
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The Boao Forum early on Tuesday released four flagship reports focusing on competitiveness, integration and financial development of Asian economies. They may offer some answers. Organizers at the Boao Forum for Asia have released four reports on Asia's economic integration, and circumstances. The report outline economic integration, the development of emerging economies, and economic competitiveness. Our reporter Zou Yun has more.
Following trade disputes between major global players, the world's trading system has changed dramatically.
This has brought changes to the development of global value chains, the increased importance of services in manufacturing production and expanding digital trade. In the face of complexities of the global environment, Lin Guijun says there are some key elements of the trading system which major Asian economies should consider.
LIN GUIJUN, CHIEF EDITOR ANNUAL REPORT, PROGRESS OF ASIAN ECONOMIC INTEGRATION "One is the increasing importance of services and digital transactions in the global economy including many new issues, like privacy and security. The other is since the WTO failed to respond and adapt to problems, there's great emphasis on WTO reform."
In 2018, on the whole, growth of emerging Asian economies was among the highest in the world.
And the overall competitiveness throughout Asia has improved. The Republic of Korea topped the list this year, while China remains the 9th highest among economies surveyed.
ZHANG HUANBO, MAIN WRITER ASIAN COMPETITIVENESS REPORT "All 37 Asian economies saw growing scores for their overall competitiveness, while the narrowing gap between the top and bottom economies indicated that the development gap between developed and developing economies was narrowing."
The third report focuses on emerging markets represented by the E-11, referring to 11 emerging economies in the G20.
Against the backdrop of a global economic slowdown, economic growth, foreign direct investment, employment and trade have been relatively strong.
And in order to counter the growing challenges in 2019, the report points out that the E-11 should promote growth, deepen cooperation, and focus on the main tasks of macroeconomic policies in the future.
And finally, a brand new report on status and prospects of infrastructure financing in Asia points out that in light of the challenges and opportunities, the stage is set for Pan-Asian connectivity to spring into action, including China's Belt and Road Initiative, ASEAN's Master Plan Connectivity 2025 and more.
ZOU YUN BOAO, HAINAN PROVINCE "Asian economies have made continuous improvements and pushed reforms ahead despite the global slowdown last year. And given the increasing downward pressure in 2019, there's a greater need for Asian countries to enhance coordination, deal with risks and achieve inclusive growth. ZY, CGTN, reporting from Boao, Hainan Province."