The Boao Forum for Asia (BFA) annual conference opened on Thursday, with a press conference addressed by Secretary-General Zhou Wenzhong and the launch of three reports on regional economic integration, competitiveness and emerging industries development.
It was noted in the Development of Emerging Economies Annual Report that the emerging economies have curbed considerable declining momentum of economic growth and generally taken on a "slowed but stabilizing" development trend. However in 2017, their economic growth will still face various risks and challenges such as slowed growth of labor productivity, ever-escalating protectionism and the economic policy uncertainties of the US.
The Asian Competitiveness Report shows that major Asian economies remained stable in terms of their comprehensive competitiveness ranking this year, with the Four "Tigers of Asia" – Singapore, Hong Kong, South Korea and Taiwan – taking the lead and the Chinese mainland ranking ninth.
As for Asian economic integration, the third report shows amid the slowdown in Asia's trade, the continent's integration in trade, production and finance are all facing unprecedented challenges. To move out of the current economic trough, the report calls for the region's partners to enhance the sense of community and abandon the Beggar-Thy-Neighbor approach.
