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China boosts economic ties with Mongolia

Boao Forum for Asia, dubbed the Davos of the East, is a big platform for signing important agreements and international coordination between business and political elites

HAIKOU, August 20. /TASS/. The ways of involving Mongolia in the programs of the Belt and Road initiative, the intensification of its business cooperation with the Hainan free trade zone are discussed at a conference held in Ulan Bator on August 19-21. It is run by the headquarters of the Asian Economic Forum in Boao and is being held in Mongolia's capital for the first time. 

According to the forum's website, the conference is dedicated to the 70th anniversary of the establishment of diplomatic relations between China and Mongolia and is held under the motto "Interaction for the benefit of cooperation in the new era." In addition to the prospects of a comprehensive Sino-Mongolian partnership and the creation of new opportunities for bilateral projects with the participation of Hainan, the conference pays attention to issues of universal development under the conditions of increasing pressure and protectionism from individual states, as well as to the problems of ensuring sustainable global development by strengthening multilateral international mechanisms.

The conference is attended by over 300 representatives of international business and experts. During the forum, a Sino-Mongolian diplomatic dialogue will take place, an examination of the industrial sites of Mongolia and meetings of participants with the heads of trade and economic departments of this country. It is expected that the conference "will create even more significant opportunities for cooperation between the countries of the entire region," the AEF headquarters noted.

“With the forum's agenda expanding in recent years, its events have been held in both Asia and other regions,” deputy director of the Department for Foreign Trade and Economic Cooperation of Mongolia's Ministry of Foreign Affairs said. “Business events were organized during the conference in Ulan Bator between representatives of domestic and foreign business circles. This will be an excellent opportunity to promote the interests of Mongolia abroad."

The diplomat recalled that the Boao Forum conference is being held in the Mongolian capital for the first time. Among its participants are the Prime Minister of Mongolia Ukhnaagiin Khurelsuh, Chairman of the Board of Directors of the AEF Ban Ki-moon, Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific Armida Alisjabana.

About the forum's history 

Boao Forum for Asia, dubbed the Davos of the East, is a big platform for signing important agreements and international coordination between business and political elites, The forum has been held since 2001, usually in spring, following China's main annual political event — the two sessions, where the Chinese authorities shape up the country's national strategy. 

The government pays special attention to the forum as it facilitates China's international contracts, settles diplomatic agenda, promotes China's image and the concept of "Community of Common Destiny" globally. According to the Chinese top diplomat, this regular forum "has become an important bridge connecting China with the outside world".

The Boao Forum bacame the center of global attention in April, 2018, when China's President Xi Jinping attended the opening ceremony. Speaking at the forum, the Chinese leader for the first time announced a number of important national policy highlights regarding the new market reforms, structural changes and boosting China's openness.