BFA and inclusive globalization

By Sajjad Malik
0 Comment(s)Print E-mail China.org.cn, March 24, 2017
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Photo taken on March 22, 2017, shows the site of the annual conference of the Boao Forum for Asia (BFA) in Boao, south China's Hainan Province. The 2017 BFA will be held from March 23 to 26 this year. [Photo/China.org.cn]



The Boao Forum for Asia (BFA) conference 2017 opened four days of proceedings on March 23 in Boao, Hainan Province in southern China, although the formal opening ceremony will be held on March 25.

The theme this year is: "Globalization & Free Trade: Asian Perspectives."

The Boao-headquartered organization plans 42 official and 12 private sessions. Experts and speakers will cover a variety of topics, including Asian regional cooperation, the Asia-Pacific free trade zone advocated by China, global economic sub-health, the limits of monetary policy, supply-side reform, industrial design and a sharing economy.

The event, held since 2001, always attracts heads of states and governments, leaders of more than 80 international organization, ministers of economic affairs, experts and business people from many countries.

The 2017 conference will broadly cover the areas of globalization, growth, reform and the new economy. All four are very close to the current interests of Asia, which has long been an important beneficiary of the Boao forum. However, there will be more emphasis on globalization in the wake of growing criticism that it has failed to cater for the world's downtrodden masses.

Briefing media, BFA Secretary General Zhou Wenzhong referred to the concept of "inclusive globalization," which he said would be the highlight of the deliberations.

Globalization has been on the receiving end over the past couple of years, although there are some who have vehemently opposed it from the outset, including protests at meetings of institutions supposedly representing the globalization process. What is different now is that its strongest proponent up to now, America, has openly spoken against it.

President Donald Trump believes globalization has done more damage to his country than good, especially in the area of free trade, and he is demanding efforts to provide balance. His criticism and measures like walking out of multilateral arrangements like the Trans-Pacific Partnership (TTP) have raised questions about the future of globalization.

In these testing times, China has stepped forward and President Xi Jinping spoke in favor of globalization in his address to the World Economic Forum in Davos, Switzerland at the beginning of the year. The organizers of the BFA have included it as part of the conference theme this time to provide an opportunity for creating a bulwark against the de-globalization sentiments.

There is growing consensus that globalization should be more inclusive and it should look after the needs of the less-privileged nations, communities and individuals. BFA is the right forum to deal with the topic in detail as Asian economies are among the biggest beneficiaries of globalization.

The concept of "inclusive globalization" will be the keynote of BFA, and especially at a plenary session in the afternoon following the opening ceremony. Prominent leaders from international organizations, business and academic communities will take part in this debate.

It will be important to note how inclusiveness can form the mainstream and benefits of globalizations are carried to marginalized groups. The proposals and suggestions coming out of the BFA may work as an engine of change to help global economic integration and free trade.

The BFA will also discuss how to stimulate global growth through a multi-pronged approach. The hope is that experts can come up with new ideas on new drivers of growth.

At the same time, it is important to reform the systems capable of expediting growth. Apart from the issue of growth, other topics like entrepreneurship, innovation and the new economy will also come up for discussion. Dozens of sub-titles related to the main theme of the conference will also be discussed.

The BFA was set up to promote and deepen the economic exchanges, coordination, and cooperation within Asia and between it and rest of the world. The latest edition should help to generate high-end dialogue among the leaders, policymakers, entrepreneurs and scholars on global economic issues, including the concept of inclusive globalization.

Sajjad Malik is a columnist with China.org.cn. For more information please visit:

http://www.china.org.cn/opinion/SajjadMalik.htm

Opinion articles reflect the views of their authors, not necessarily those of China.org.cn.

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