China announces Asian regional cooperation plans at Boao

Chinese President Xi Jinping has announced massive regional cooperation plans for Asia at Boao in the Hainan Province in South East China. Boao is the Asian equavalent of the annual Davos World Economic Forum in Switzerland. 

The Boao announcement is remarkable given the recent Chinese efforts to reach to the rest of the world with its ‘One Belt One Road’ programme and the new AIIB.

The plans made at the inauguration of the Boao Forum on Saturday and thrusts upon the above two pillars of its engagement with the rest of the world.

This years’ theme is ‘Asia’s New Future: Towards a Community of Common Destiny’, under which President Xi has announced more Chinese imports in the coming years. Xi has promised an import target of $10 trillion in the next five years. Similarly he has assured a Chinese overseas investment of $500 billion in the same period. China’s import for 2014 was $1.96 trillion with a trade surplus of $382billion.

“Chinese economy will continue to bring more opportunities of trade, growth, investment and cooperation for other countries in Asia and beyond,” Xi has made in his opening speech.

Similarly China has offered cooperation with other international institutions to provide the development finance to the needy countries.

“We will … advance complementary and coordinated development between the Asian Infrastructure Investment Bank and such multilateral financial institutions as the Asian Development Bank and the World Bank,” Xi has informed the conference.

Already, the China proposed Asian infrastructure Bank is expected to deploy a sizable capital among the fund thirsty Asian economies in the field of infrastructure. 

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