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From April 8 to 11, the 2014 annual conference of the Boao Forum for Asia (BFA), themed “Asia’s New Future: Identifying New Growth Drivers,” was held at the town of Boao on China’s southern Hainan Island. Nearly 300 politicians, business leaders, and scholars met to explore new growth engines for the future development of Asia.
Chinese Premier Li Keqiang delivered a keynote speech at the opening ceremony of the BFA annual conference, stressing that development remains the top priority of Asian countries. “Asia is one of the most dynamic regions in the world,” Li declared in the speech. “It boasts one third of global GDP, over 4 billion people and an ample supply of labor. It enjoys distinct advantages as a late comer and has tremendous untapped developmental potential. Meanwhile, most Asian countries remain developing nations, with low per capita GDP and uneven regional development. Over 700 million people in Asia still live below the international poverty line. Asia is faced with the huge challenge of growing the economy and improving people’s livelihood.”
As the largest developing country in Asia and the world, China has entered a crucial era of economic restructuring after decades of rapid growth. In the context of a regional and international landscape sated with uncertainty, exploring and unleashing new driving forces of development has also become an urgent issue facing China.
In his keynote speech, Premier Li noted that China would create momentum by deepening reform, adjusting economic structures, and improving people’s livelihood. The three measures are expected to become driving forces for China’s future economic growth.
Creating momentum by deepening reform means that China will further streamline administration and delegate more power to lower level governments, introduce a system of managing governmental powers, and consider the adoption of a management model based on a negative list approach. Meanwhile, China will carry out a new round of opening-up at a high level.