Protectionism cannot secure growth impetus: report

Trade protectionism cannot secure an everlasting impetus for economic growth, but instead imposes restrictions on the sustainability of economic development, according to a report released by the Boao Forum for Asia (BFA) Sunday.

The Boao Forum for Asia (BFA) is held on Sunday. [Photo: VCG]

Asia's export-oriented economies should not fall into the trap of protectionism but adapt to new changes of the external environment and take proactive measures to explore new growth points based on innovation, according to the BFA Asian Competitiveness Annual Report 2018.

The report evaluates the comprehensive competitiveness of 37 Asian economies. The Asian economy remains to be an important engine for global economic growth and becomes more resilient against the backdrop of trade protectionism, the report said.

The Asian economies have more cooperation than competition. With different development stages, resource endowments as well as policies and systems, Asian economies can complement and benefit each other, according to the report.

In face of anti-globalization, Asian economies should continue to stick to trade liberalization and investment facilitation, and make greater efforts to push forward regional integration, the report said.

Driven by the Belt and Road Initiative and its development dividends, Asian regional economic integration has accelerated. Chinese enterprises have built 56 economic and trade cooperation zones in over 20 countries, creating about 180,000 jobs and about 1.1 billion U.S. dollars in tax revenues, it said.

The BFA annual conference, under the theme of "An Open and Innovative Asia for a World of Greater Prosperity," runs from April 8 to 11 in Boao, south China's Hainan Province.