Daily Times

The 2018 edition of the Boao Forum for Asia (BFA), was held in the southern Chinese province of Hainan from April 8 to 11. The theme for the event was “An Open and Innovative Asia for a World of Greater Prosperity”. This event garnered significant international attention, which can be attributed to the ongoing trade friction between the United States (US) and China.

The US actions pertaining to its adoption of trade restrictive measures amounted to a confrontation of unilateralism against multilateralism and protectionism against free trade. Its measures target everyone and the interests of all, not just China.

This year marks the 40th anniversary of China’s landmark economic reforms, which opened the country to the world. President Xi Jinping delivered a landmark address, which focused on building consensus in Asia, encouraging cooperation, promoting economic globalisation and advancing the building of a community with a shared future for humankind. He reminded the participants of the Boao forum that over the last four decades, the Chinese people have significantly unleashed and enhanced productivity in China through hard work with an unyielding spirit. He stated that Heavens reward those who work hard, and flowers in spring come to fruition in autumn. The focused endeavour in national development and unwavering commitment to reform and opening-up of the Chinese people have brought enormous changes to the country. China has grown into the world’s second largest economy, the largest industrial producer, the largest trader of goods, and the holder of the largest foreign exchange reserves. Over the past 40 years, China’s GDP has averaged an annual growth rate of around 9.5 percent in comparable prices and its foreign trade has registered an annual growth of 14.5 percent in the US dollar. The Chinese people have emerged from a life of shortages and poverty, and are now enjoying abundant supply and a moderately prosperous life. According to current UN standards, more than 700 million Chinese people have been lifted out of poverty, accounting for more than 70 percent of the global total over the same period.

The Chinese people have emerged from a life of shortages and poverty, and are now enjoying abundant supply and a moderately prosperous life

Xi reminded the world that Chinese people have blazed a path of “socialism with Chinese characteristics” through determined exploration with a pioneering spirit. The Chinese people have both a keen awareness of national realities and a global vision. They champion independence and self-reliance, while embracing openness and win-win cooperation.

It was a stark reminder that the reforms have been a successful process that have seen China and the world achieve development and progress together. The Chinese people have made opening-up to the world a fundamental national policy; and as a consequence have pursued development with an open door, and accomplished a great transition from seclusion and semi-seclusion to all-round openness. In this process, China has lived up to its responsibility as a major country. From ‘bringing in’ to ‘going global’, from WTO accession to the Belt and Road Initiative (BRI), China has made significant contribution to mitigating the Asian financial crisis and the global financial crisis. Contributing over 30 percent of global growth in recent years, China has become a key anchor and driver for the world economy and a positive force in advancing the noble cause of global peace and development.

The Chinese President reminded that “With the future in mind, we need to treat each other with respect and as equals. We should uphold the five principles of peaceful coexistence, respect the social system and development path chosen by each country, respect each other’s core interests and major concerns, and follow a new approach to state-to-state relations featuring dialogue rather than confrontation, and partnership instead of alliance. We must refrain from seeking dominance and reject zero-sum games. We must refrain from beggaring neighbours and reject power politics and pursuit of hegemony with the strong bullying the weak. Instead, we must properly manage differences and work together for enduring peace.”

He was clearly alluding to President Trump’s confrontationist attitude and its implications on the world.

Boao 2018 will have a tremendous impact on the region as well as the world, because it was reiterated by the hosts that with the future in mind, they will uphold inclusiveness and seek harmony without uniformity. The economic giants must strengthen bilateral and multilateral cooperation in culture, education, tourism, youth, media, health, poverty reduction and other fields. There is a dire need to promote mutual learning among civilizations as it will help build bridges of friendship, drive social progress, and safeguard peace for the region and beyond.

With a vow to jointly meet challenges in climate change, environment protection, energy conservation and emission reduction, it was assured that further progress along the path of sustainable development featuring increased production, higher living standards and healthy ecosystems will benefit future generations.

The reiteration of significantly broadening market access; creating a more attractive investment environment; strengthening protection of intellectual property rights (IPR); taking the initiative to expand imports will pay rich dividends.

The writer is a retired Group Captain of PAF. He is a columnist, analyst and TV talk show host, who has authored six books on current affairs, including three on China

Published in Daily Times, April 14^th 2018.