The annual Boao Forum for Asia (BFA) will soon begin. The organizing committee of BFA released its 2012 annual report at a press conference in Beijing on March 21, announcing that preparations are underway.
The BFA's 2012 annual report includes three sections: Progress of Asian economic integration, the development of emerging economies, and Asian competitiveness.
On the Asian economic integration, the report incorporates an ample amount of data and provides a clear line of progression. It covers the new growth in consolidating the Asian trade markets and the relative reliance on the service and trade industries.
It also describes the new improvements in the financial convergence that has taken place within the last year, incorporating many indices to describe the new phenomenon after the initial consolidation of the Asian financial markets. It claims that sustainable growth should rely on domestic market demands.
The report's in-depth analysis of emerging economies said that most of the developed nations are stuck in a recovery phase while developing countries on average are experiencing better economic growth and overall development. The report also describes the characteristics and internal disparities amongst the rising economies.
This report brought insight to the increase in trade between developing nations, the imbalance of the relative direct investment and the increase in cooperation among rising economies. It holds that developing nations should continue to decrease their reliance on trade with developed nations, based on developed nations' intentions to increase trade protections rather than eliminate barriers.
The report also discussed and evaluated the Asian economy and the competition amongst Asian public companies. This year, Singapore ranks the first in competitiveness in the Asian economies. China rose from last year's 10th place to ninth.
According to Zhou Wenzhong, Secretary General of the BFA, "Preparations for this year's annual conference are going smoothly."
More than 2,000 delegates and media personnel from around the world will attend the forum.