The Boao Forum for Asia (BFA) is going to celebrate its 20th anniversary in 2021. At the proposal of Fidel V. Ramos, Bob Hawke, and Morihiro Hosokawa in the wake of the Asian Financial Crisis, and sponsored by 26 member states, BFA was formally established in Hainan, China in 2001. BFA is committed to supporting Asian growth and has played a vital role in promoting economic integration and exchange in Asia, deepening dialogues between Asia and the world, and upholding globalization. BFA’s success today owes to the foresight of politicians, the continuing support of the initial countries, the active participation of members and partners, and public support both within and outside Asia.

Dr. Zhou Xiaochuan

BFA Vice Chairman and Chief Representative of China

The Boao Forum for Asia (BFA) is going to celebrate its 20th anniversary in 2021. At the proposal of Fidel V. Ramos, Bob Hawke, and Morihiro Hosokawa in the wake of the Asian Financial Crisis, and sponsored by 26 member states, BFA was formally established in Hainan, China in 2001. BFA is committed to supporting Asian growth and has played a vital role in promoting economic integration and exchange in Asia, deepening dialogues between Asia and the world, and upholding globalization. BFA’s success today owes to the foresight of politicians, the continuing support of the initial countries, the active participation of members and partners, and public support both within and outside Asia.

In the face of great changes unseen in a century, BFA shoulders the historic task of advancing global governance, building mutual trust, and adapting to the changing times. Pandemic control, defense of international economic and trade rules, response to climate change, and the leapfrog development of science and technology will sit at the top of BFA’s agenda, especially in the post-pandemic era. We believe that, with the firm support of our members and the international community, the Board of Directors will live up to expectations and lead BFA from strength to strength.

"BFA was created out of a common desire of Asian countries to remain united before challenges, and is well-aligned with the ever-increasing economic cohesion in the region. "

BFA was created out of a common desire of Asian countries to remain united before challenges, and is well-aligned with the ever-increasing economic cohesion in the region. As an Asia-based and global-facing platform for political and economic dialogues, BFA is dedicated to building consensus in Asia, standing up for Asian countries, and providing Asian solutions. Many momentous proposals were first put forward at BFA annual conferences over the past two decades. For example, at Annual Conference 2013, Chinese President Xi Jinping declared that China would accelerate interconnection with neighboring countries and build a financing platform to strengthen regional economic integration and competitiveness. Then in September and October that year, President Xi unveiled the Belt and Road Initiative (BRI).

At the 2015 Annual Conference, President Xi said that “to do well, Asia and the world could not do without each other” and that “we must … jointly build a regional order that is more favorable to Asia and the world. We should, through efforts towards such a community for Asia, promote a community of a shared future for all mankind.” To create this community of a shared future, he proposed four general principles: “we need to make sure that all countries respect one another and treat each other as equals,” “we need to seek win-win cooperation and common development,” “we need to pursue common, comprehensive, cooperative and sustainable security,” and “we need to ensure inclusiveness and mutual learning among civilizations.” At the 2018 Annual Conference, President Xi made it clear that “China’s open doors will not close, but will only open wider.” True to this promise, the first China International Import Expo was successfully held in November that year.

In 2016, China’s Premier Li Keqiang proposed to create the Asian Financial Cooperation Association. The idea received wide support from the financial circle in and outside Asia and became a reality in May 2017. Earlier, in 2013, Zeng Peiyan, then Vice Chairman of BFA and Chief Representative of China to the organization, pitched the creation of the Asia Infrastructure Cooperation Initiative (AICI) and of a dedicated multilateral investment and financing institution. This proposal attracted great interest from China and many other Asian countries, paving the way for policy discussions that culminated in the establishment of the Asian Infrastructure Investment Bank.

"In spite of deglobalization tendencies and COVID-19, the Asian economy remains resilient and the continent a staunch defender of economic globalization and multilateralism."

For the past two decades, BFA has been growing together with Asia. Though hit by the 1997 financial crisis, Asia soon rebounded strongly and became a major growth driver and components of global trading and industrial chain. Measured by purchasing power parity (PPP), Asia is expected to account for more than one-half of the world economic growth in 2020, up from less than one-third in 2000. Asia is also becoming a more integrated community, with the share of inter-regional trading up from 45.2% in 2000 to 58% at present. At the end of this year, ten member states of ASEAN plus China, Japan, Republic of Korea, Australia, and New Zealand—together representing one-third of the global GDP—are preparing to sign off the Regional Comprehensive Economic Partnership (RECP). It will be the largest free-trade agreement in terms of economic engagement and population coverage and mark a new chapter of economic integration in the Asia-Pacific region. It is the concerted efforts of Asian countries and their people that have made Asia a pillar of the global economy. In spite of deglobalization tendencies and COVID-19, the Asian economy remains resilient and the continent a staunch defender of economic globalization and multilateralism.

In the past two decades, BFA has deepened its dialogue with the world. Against the backdrop of rising prominence of Asia and emerging economies in the international arena, BFA has become an important dialogue platform for Asia and the world on the development of emerging economies, global governance and other global issues, and spoken loud for the emerging economies. In 2010, BFA’s Board of Directors welcomed European and American members, expanding the Forum’s global influence. In the same year, BFA authored the first issue of the Development of Emerging Economies Annual Report, in which it proposed the concept of “E11” (referring to the most representative 11 emerging economies). Changes also took place at the Annual Conference, which now contains special sessions on EU and US topics featuring government leaders, entrepreneurs, and economists as guest speakers. BFA is also stepping foot outside Asia with seminars in Europe, Oceania, and the Americas. In March 2017 during the Annual Conference, the Board and the General Meeting of Members adopted the Boao Forum for Asia Declaration on Economic Globalization. In it, BFA called to governments and business circles around the world for action in six areas, including reforming and improving the international economic order and global governance system, liberating and facilitating trade and investment, reducing the adverse impact of arbitrage and speculative capital on the economy, and promoting the cross-border movement of knowledge and information.

Since taking office in 2018, BFA’s new Board (which composes of 19 directors from 15 countries and regions) has been dedicated to promoting dialogue, building mutual trust, and pooling positive energy for Asia and the globe in response to a drastically changing international situation. The Board seeks a leading role for BFA in the research and discussion of frontier, topical, and important economic and financial issues. It is expanding its area of interest to scientific and technological innovation, healthcare, culture, education, and media engagement as well. To this end, special sessions and roundtables—in addition to the annual conferences—have been held to promote cooperation between Asia and the world in trade, investment, finance, healthcare, and innovation. The BFA Academy, the Forum’s in-house research institute, has also published a series of flagship reports and special reports, including the Asian Economic Outlook and Integration Progress, Asian Financial Development Report, Asia Poverty Reduction, Belt & Road Green Development: Case Study Report, Boao Forum for Asia Innovation Report, Report on The First Conference of the Global Health Forum of Boao Forum for Asia, and The Pandemic and the Changing World.

Generations of Chinese leaders have attached great importance to BFA’s development, with strong support from the government in the past 20 years, not least by state leaders’ attending every annual conference. President Xi delivered four keynote speeches in 2010 (then Vice President), 2013, 2015, and 2018, proclaiming China’s resolve to advance comprehensive reform, clarifying the country’s position and suggestions on Asia and global development, and projecting its voice. In April 2018 at a meeting with BFA’s incumbent and incoming members of the Board of Directors, President Xi congratulated BFA for its success in, being “based in Asia and with a global outlook”, making critical contribution to building a united and collaborative community of a shared future in Asia. He also promised that China, as the host country for BFA, would create the conditions to help BFA realize its potential.

Thanks to the strong leadership of its Boards and Councils of Advisors and the active participation of its members and partners, BFA matured gradually and expanded its circle of friends. BFA is now more than an organization for Asia, but rather a globally influential forum that supplies important global public goods. As it celebrates its 20th anniversary in 2021, BFA has to make historic decisions on how it would forge ahead and help Asia and the international community to adapt to a world that has been profoundly altered by COVID-19.

BFA should keep up with the times; focus on Asia and emerging economies; and stay abreast of the emerging business models, technologies, and trends, in order to overcome development challenges, improve Asian and global governance, and enable sustainable development through new ideas, approaches, and methods. Especially in the post pandemic era, it is important to encourage brainstorming, promote dialogue, and facilitate consensus building on major global issues. Healthcare and pandemic control, international trade and financial architecture reform, robust implementation of BRI, poverty reduction and inclusive growth, climate change and green growth and innovation and digital economy should be brought to the BFA’s top agenda.

"Issues widely concerned such as China’s new development pattern will also be discussed at the conference to help the world better understand how China can achieve coordinated growth with Asia and the rest of the world. "

BFA’s 20th anniversary and the pandemic have built up extensive interest in the Annual Conference 2021. Great attentions will be given to the global impact of COVID-19, recovery trajectory of the world economy, and consolidation of global trust in the design of theme and the topics. Issues widely concerned such as China’s new development pattern will also be discussed at the conference to help the world better understand how China can achieve coordinated growth with Asia and the rest of the world. With the firm support of the Chinese government and the public, BFA’s Annual Conference 2021 promises to be a historic event.

History smiles upon those who believe in, work toward, fight for a better future. Fully committed to its founding goals, BFA endeavors to enhance cooperation in Asia, deepen dialogue with the world, and reinforce solidarity across the world in a changing world, in order to build a community of common destiny and create a bright future of peace and common development for mankind.