Work together to advance economic globalization

Vice-Premier Zhang Gaoli delivers the speech at the Boao Forum on March 25.[Photo by Feng Yongbin/China Daily]

Editor's note: Following is an English version of the full text of the keynote speech by Chinese Vice-Premier ZhangGaoli at the opening plenary of the Boao Forum for Asia Annual Conference 2017 on March 25: Work Together to Advance Economic Globalization and Create a Better Future for Asia and the World.

Distinguished Guests, Ladies and Gentlemen, Dear Friends,

Welcome to beautiful Hainan to attend the Boao Forum for Asia Annual Conference 2017. President Xi Jinping attaches great importance to this annual conference and has sent a letter of congratulations. Here, on behalf of the Chinese government, I wish to extend warm welcome to all the distinguished guests attending the conference.

The theme of this year's annual conference, "Globalization and Free Trade: the Asian Perspectives", conforms to the trend of the times and answers the calls of the parties concerned. It is well targeted and highly relevant to the current situation. I hope that the participants will seek new inspirations through in-depth discussion on the theme of the conference, build consensus on economic globalization and free trade, and make positive contribution to stability, development and prosperity of Asia and the world.

Asia's development cannot be achieved without the world, and the prosperity of the world would be impossible without Asia. Asian countries have enjoyed rapid development over the past decades through participation in economic globalization. Embracing rather than rejecting economic globalization, they have all along taken an active part in and given firm support to economic globalization and free trade. They have benefited from economic globalization and also made important contribution to this process.

・ Through economic globalization, Asian countries have realized leapfrog development and created the "Asian miracle". After the end of the Second World War, the newly independent Asian countries seized the opportunities brought by economic globalization and implemented the strategy of trade for growth and economic catch-up. Building on their comparative advantages, they have taken an active part in international division of labor and regional cooperation and embarked on a fast track of economic development. Many Asian countries have registered sustained high-speed growth. As a result, today's Asia has grown into the most vibrant and promising region in the world.

・ Through economic globalization, Asian countries have provided driving force for global growth and offered the "Asian opportunities". In particular, since the outbreak of the international financial crisis, Asia has served as a major engine for the recovery and growth of the world economy, contributing to nearly half of global growth. In recent years, Asian countries have been active in conducting outbound investment and international economic cooperation. The large population and growing middle-income groups in Asian countries have provided a huge consumption and investment market. Countries in the world are all turning their eyes to the east, hoping to take the ride of Asia's development and seize the opportunities it presents.

・ Through economic globalization, Asian countries have found a path of modernization with Asian features and accumulated the "Asian experience". In line with their realities and development stages, Asian countries have integrated into economic globalization through their own ways, means and pace. While embracing modern industrial civilization, countries in Asia have maintained the Asian traditions and national characters, and moved up from the lower end to the middle and higher ends in the global industrial, supply and value chains. Following the Five Principles of Peaceful Coexistence, we have strengthened cooperation and exchanges in all fields. Combining market rules and government regulations, we have maintained sound and steady economic performance. We have steadily advanced regional cooperation in keeping with the principles of openness and inclusiveness, and created a diversified and dynamic Asia. In particular, when confronted with the impact of the Asian financial crisis and international financial crisis, we have extended mutual assistance in the spirit of unity and worked together to bring Asia back to the path of prosperity.