Peace and stability key to Asia’s development

One of the most important reasons for Asia’s development is keeping its general peace and stability, said Premier Li Keqiang at the opening ceremony of the 2016 annual conference of Boao Forum for Asia in China’s southern island province of Hainan on March 24.

Asia’s development after World War II shows that no matter what the situation is, Asian countries should be friendly to one another, and their relationship should never be influenced by small frictions and contradictions, and that communication and cooperation are the “golden key”, said the Premier.

Association of Asian financial cooperation

China proposes founding an association of Asian financial cooperation, making joint efforts to improve the financial market in Asia and avoid large-scale financial turmoil in the future, Premier Li said.

The Premier said he hopes that the world can work together to strengthen the coordination of macro policies, adopt more growth-friendly policies, and prevent any negative spillover effects from the policy adjustments.

RCEP talks

A thriving Asia should not include a country in the region lagging behind others, Premier Li said.

China is willing to push forward capacity cooperation with other Asian countries in the fields of infrastructure construction and industrial equipment, the Premier said.

“We shall strive to complete talks on the Regional Comprehensive Economic Partnership in 2016, which is the largest regional trade mechanism in Asia,” the Premier said.

Dialogue of Asian civilizations

Premier Li called for a dialogue among Asian civilizations and welcomed every country and region to participate.

Openness and inclusiveness are the roots of Asian culture, the Premier said in his speech. Countries should experience friendly tradition and wisdom through common pursuits, especially at times when regional development is less than smooth. Only in that way can Asian consensus be carried forward.

China’s economy

China’s economy is in the transitional phase of structure adjustment and optimization and it is inevitable that views can differ between parties, Premier Li said.

To watch China’s economy is first to have an overall look at it, then at its trends, and finally at its long-term development, the Premier added.

“We do not avoid difficulties, which shows our confidence in the economy. We also have measures and methods,” Premier Li said. In general, hopes in China’s economy are greater than difficulties.

Shenzhen-Hong Kong Stock Connect

Premier Li announced on March 24 that China will start the Shenzhen-Hong Kong Stock Connect program “at an appropriate time” this year.

The opening also means reform, the Premier said. We will strive to open up to the outside world, including further opening the service sector and financial industry in an orderly way, to help make China a top destination for foreign investors, Premier Li added.

The Shanghai-Hong Kong Stock Connect was formally announced by the Premier at the Boao Forum for Asia two years ago.

Driving forces of China’s economy

China’s economy needs three driving forces to advance, much like the high-speed railway train needs pulling and driving forces from the head carriage and others, Premier Li Keqiang said.

The first driving force comes from reform and opening-up, the second from structural adjustment and the last from livelihood improvement, the Premier said.

Motivating new vitality and winning a new future will be achieved through practical work, Premier Li added.