Business / Economy

Boao Forum an event of global significance

(Xinhua) Updated: 2015-03-25 14:52

MOSCOW -- The 2015 Boao Forum for Asia (BFA) scheduled for this week will be an event of global significance, a Russian expert told Xinhua in an exclusive interview.

Georgy Petrov, vice-president of the Russian Chamber of Commerce and Industry, said that the forum not only plays a very important role in shaping an Asian community that shares the same fate, but also has become an important platform for the discussion of some of the world's most important economic and political issues.

The annual conference, themed "Asia's New Future: toward a Community of Common Destiny", includes more than 70 formal sessions of discussions on topics concerning macro-economy, industrial transformation, regional development, technological innovation, politics and security, as well as people's livelihood.

"This meets the vision of a multipolar world. This is why in Russia the Boao Forum has been nicknamed the Asian Davos," he added.

Noting that emerging economies' representation in the International Monetary Fund and World Bank has been significantly lower than their actual weight in the global economy, Petrov said, "China, India and other Asia-Pacific countries are the main engines of the global economy today. So it is inevitable to discuss the role of the emerging markets."

As the host country, China hopes the BFA annual meeting will promote solidarity and cooperation among Asian nations as well as regional integration.

"This affects lives of not only politicians and businessmen but of every common person. So we are looking forward to the forum," the expert said, adding that Russian participation in the summit has been growing year by year.

Petrov said China's road of development and reforms have attracted the attention of the entire world.

"We understand that China aims at not quantitative but qualitative economic growth. We in Russia completely share that approach," he said. "The gradual change of direction demonstrates the wisdom and clear political vision of Chinese leaders."

Speaking of the recent decisions by major European countries to join the China-proposed Asian Infrastructure Investment Bank (AIIB), Petrov refuted claims that it would threaten existing financial institutions.

"China has made it clear that the initiative would not replace the Asian Development Bank," Petrov said, adding that Asia countries need more financial institutions to implement large projects of infrastructure which are badly needed in this region.

"It is wise for those countries to have applied to join the bank, and I think the bank will have a bright future," he added.

The 2015 Boao Forum for Asia is slated for March 26-29 in the scenic town of Boao on south China's tropical island province of Hainan. Its opening ceremony will take place on March 28.

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