Context:

China’s President Xi Jinping said that global rules cannot be imposed “by one or a few countries” and attempts to “decouple” would not benefit any nation while peaking at the annual Boao Forum.

Relevance:

GS-II: International Relations (International Groupings, Foreign Policies and Developments affecting India’s Interests)

Dimensions of the Article:

  1. About Boao Forum
  2. Highlights of BFA Annual Conference 2021

About Boao Forum

  • The Boao Forum for Asia (BFA) is an international not for profit organization which was jointly initiated by 26 member states in 2001, the members have now increased to 29.
  • India is also a member of the BFA.
  • Its annual conference is held in Boao, Hainan province of China on a regular basis.
  • The establishment of BFA is modelled on the lines of the World Economic Forum which bases its annual meeting in Davos-Klosters, Switzerland. Thus earning the name of ‘Davos of the East’.
  • The founding purpose of BFA was to promote economic integration in Asia. Its mission now is to pool positive energy for the development of Asia and the world.
  • The forum has not only played a unique role in pooling consensus and putting forward valuable “Boao proposals,” but also engaged countries in addressing global issues and promoting world development and prosperity.
  • Its five focal areas include technology innovation, health, education, culture and media in response to the new economy.
Boao Forum chronicle: 20 years of bridging Asia and the world - CGTN

Highlights of BFA Annual Conference 2021

  • The forum witnessed more than 2500 participants coming from more than 60 countries. This year’s theme is ‘A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Cooperation’.
  • The main agenda is to strengthen mutual understanding in the post-pandemic era, create additional incentives for overall socio-economic growth and effective global governance.
  • An annual report on Asian Economy was released on the occasion which highlighted the importance of Asian economies which have fared well despite the ongoing pandemic.
  • In terms of purchasing power parity, Asia’s share in the global economic aggregate in 2020 reached 47.3%, up 0.9 percentage points from 2019. It showed that the economic integration of all Asian economies is accelerating.

-Source: The Hindu

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