Boao annual conference opens

(Xinhua)
Updated: 2009-04-18 11:44

BOAO -- The Boao Forum for Asia (BFA) Annual Conference 2009 officially opened here in the scenic Boao town of south China's Hainan Province on Saturday, focusing on the role of Asian countries, especially emerging economies in this region, amid the global financial crisis.

Chinese Premier Wen Jiabao delivered a keynote speech, "Strengthen confidence and deepen cooperation for win-win progress", at opening plenary meeting.

He said that the conference, with "Asia: Managing Beyond Crisis" as its theme, is a highly important one. It will contribute to our efforts to build consensus, strengthen confidence, deepen cooperation and overcome the crisis.

Wen introduced the steps China has taken to cope with the severe impact of the global financial crisis, saying the country's package plan is already "paying off", and positive changes have taken place in the economy.

China's gross domestic production (GDP) rose 6.1 percent in the first quarter of this year, the slowest pace in a decade.

However, the situation is "better than expected", the premier said, citing pick-ups in investment, consumption and industrial output, as well as ample liquidity in the banking system.

He said domestic demand is boosted in a comprehensive way, industrial output has gradually stabilized, and agricultural production is on the whole stable. Economic restructuring has made encouraging progress, and urban employment has risen as 2.68 million jobs were created in the urban areas in the first quarter.

"We should not, however, lose sight of the fact that the international financial crisis is still spreading, the basic trend of world economic recession is not reversed, problems in the financial system remain unsolved and the worsening of the real economy has been more serious than expected," he warned.

The global economic recovery may be a long and tortuous process, he said.

He called on Asian countries to strengthen financial cooperation and maintain regional financial stability.

More than 1,600 political leaders, business people and academic scholars gathered in the island resort for the conference, which will conclude on Sunday.

Delegates will discuss the effect of the crisis on Asia, the steps taken by Asia to weather the challenges effectively, the role of emerging economies in reforming the global financial system, and the balance between financial regulation and innovation.

BFA was established in 2001 as a platform for high-level interaction between political and business leaders from Asia and around the world. It is aimed at promoting the development goals of Asian countries through greater regional economic integration.