Boao Forum releases first Asian annual financial report

The Boao Forum for Asia International Convention Center in Boao, Qionghai, South China's Hainan province, on March 24, 2019. [Photo/IC]

The Boao Forum for Asia has released on Tuesday its first annual report on the financial sector, the Asian Financial Development Report on Infrastructure Finance, together with three other annual reports, focusing on Asian economic integration, emerging economies and Asian competitiveness.

According to Li Baodong, secretary-general of the forum, Asia has become the fastest-growing region, contributing almost 60 percent of the world's GDP growth.

Rapid economic growth, demographic shifts, new technological advancements and higher standards on environmental protection are combining to drive up the demand for sustainable infrastructure in Asia, said the report.

Lin Guijun, professor of economics at the University of International Business and Economics, released the annual Progress for Asian Economic Integration report. According to the report, trade frictions have accelerated regional trade liberalization in Asia.

Against the backdrop of rising global trade protectionism, Asian economies have been actively promoting the integration process. Seventeen new agreements were signed in 2017-2018 and 70 bilateral agreements are being negotiated.

Amid the global economic slowdown, emerging economies saw a little slower economic growth in 2018, but still maintained a relatively high growth rate compared with other emerging-market and developing economies, said the Development of Emerging Economies Annual Report released by Zhang Yuyan, director of the Institute of World Economics and Politics, Chinese Academy of Social Sciences.

As revealed by the competitiveness rankings, Asian economies have started to enjoy the bonus of progressing regional economic integration against the complexity of domestic and international situations, according to the Asian Competitiveness Annual Report.

Asian economies and competitiveness have witnessed a sound momentum of steady progress with increasing social stability and economic resilience. Competitiveness gaps between Asian economies also seem to be narrower than before, the report said.