Influnential forum opens to push Asian development, integration(2)

Asia remains the most dynamic region in the world, contributing over half of global economic growth. However, many Asian economies, including China, must undertake structural reform amid downward pressure.

The Asian Development Bank forecast that developing economies in the region will maintain 6.3 percent year on year growth in 2015, but will have to cope with uncertainties from the United States' rising rates, easing policies of Japan and the European Union and volatile crude oil prices.

The largest economy in the region, China, is attempting to develop its growth pattern transformation amid the "new normal" economic period, which features medium-high level growth, and will forge ahead with reform,opening up and technological innovation.

COMMUNITY OF COMMON DESTINY

China has adhered to a peaceful development path.

"We hope to promote the consensus and voice of Asia. No matter how complicated our disputes are, our common interests and future cannot be divided," said Yang Xiyu, vice president of BFA Research Institute.

The "Belt and Road" initiatives have secured the support of nearly 60 countries linked by the routes.

China created a 40 billion U.S. dollar Silk Road Fund designed to finance the initiatives last year.

"The multilateral non-governmental exchange platform will make more people understand the essence of the Belt and Road plan," said Yang.

Despite its growth prospects, Asia has various risks such as territorial disputes between nations and terrorism. If not properly handled, the region's development will be stifled.

The forum voices China's stance on Asian and global issues and expresses significant messages on China's development, director of the China (Hainan) Institute for Reform and Development, Chi Fulin said on Thursday.

"Bracing for a new world economic structure, new topics will push forward Asian integration as a community of common destiny," Chi said.

Asia will remain one of the world's most important regions in 10 to 20 years and should combine its development with the global trend, Chi said.

China's proposals suggest that it is shouldering more responsibility as a great power, Chi said.

Chi expects the BFA will be more open to the world and sees a future where western countries will participate in the forum.

"Asia cannot develop without other parts of the world, which closely watch Asia's progress," Chi said.