More inclusive forms of globalization are vital as catalysts for growth in emerging economies amid a global economic downturn, Secretary-General of the Boao Forum for Asia, Zhou Wenzhong said on March 22.

Zhou said the development of globalization had “entered a critical moment.”

He said, “All countries need to collaborate to explore inclusive and shared development, especially at a time when the world economy is sluggish.”

Zhou made the remarks at a news conference on March 22, one day before the BFA Annual Conference starts in Boao on the island of Hainan. The event is scheduled to run from March 23-26, while the opening ceremony will take place on March 25.

He said, “Globalization is not an abstract concept. The Belt and Road Initiative that President Xi Jinping proposed three years ago, is the country’s way to make globalization work.”

Against this background, all countries need to find their proper positions and share the benefits of globalization fairly, he said.

The four-day conference, themed “Globalization and Free Trade: The Asian Perspectives,” is dedicated to championing a more inclusive globalization process through cooperation and dialogue.

A total of 44 seminars and 17 annual sessions — with four modules covering globalization, growth, reform and the new economy — will be held during the next four days. The event has attracted more than 1,700 delegates.

The surge in protectionism in some Western countries is a challenge to the sustainable development of world trade, Chen Qihua, vice-president of US largest machinery manufacturer Caterpillar Inc, told China Daily in an interview.

Chen said, “We have always been advocating globalization, free trade and investment in recent years.” He added that his company is poised to fully mobilize its long-standing global dealership to facilitate Chinese partners on projects in economies along the Belt and Road Initiative.

BFA, the nongovernmental and nonprofit international organization, was formally inaugurated on Feb 27, 2001 and is based in China.

The goal of the BFA is to promote and deepen economic exchange, coordination, and cooperation among Asia countries, as well as between Asia and other parts of the world.

Each year, the high-end platform convenes government officials, business leaders and academic circles of countries in Asia and other continents to discuss important issues in Asia. It has won firm support from Asian countries.