Boao Forum ends with pro-globalization initiative

President of the Asian Infrastructure Investment Bank Jin Liqun at the 2017 Boao Forum for Asia [Photo: sina.com.cn]

An economic globalization initiative marked the end of the annual Boao Forum for Asia, on China's southern island of Hainan on Sunday.

The initiative asks Asian countries to stay committed to open markets, inclusive growth and economic cooperation; while addressing growth pressures and the global rise in de-globalization and protectionism.

The initiative calls upon the world to actively adapt to the forces of economic globalization and reform global governance.

Singapore Emeritus Senior Minister Goh Chok Tong said no one can stop globalization, but the negative effects can be properly handed.

"Ideas cannot be stopped, technology cannot be stopped, and the internet cannot be stopped, but we've got to address the negative aspects," said Singapore's former Prime Minister.

"Both to help the countries which are lagging behind in capacity building as well as address what we can do within our country to create jobs for those that just may be displaced; by training, re-training, education, re-education and so on," he added.

Governments are also being urged to make more efforts to strengthen the international economic order and global governance.

President of the Asian Infrastructure Investment Bank Jin Liqun said, "when we push forward investment in infrastructure and connectivity we make a point of having a dialogue with the governments, with regards to the way this kind of investment can benefit more people."

He added, "our job is not just to put some money in a particular country, to build a road, a railway, power plants or something, we would like to see that all those infrastructure projects are well-coordinated, and the people stand to gain rather than to lose from this kind of investment."

The main tenet of the initiative includes the rejection of protectionism, the promotion of trade and investment to drive sustainable global development, and the belief that international regional organizations such as the WTO and APEC should work towards a more open, inclusive, fair and equitable bilateral and multilateral trade system.