BOAO /China/, April 22. /TASS/. Boao Forum for Asia (BAF) held a conference dedicated to the global development of free trade ports. The event was held under the slogan "favorable opportunities for the world through systemic openness."
The participants discussed methods to remove barriers in the process of strengthening international and regional trade and economic cooperation involving special offshore zones. Guests from many countries, including Indonesia, Ireland, Malaysia and Singapore, as well as representatives from several international organizations, attended the conference in person or online.
Officials, entrepreneurs and experts focused on trends and the most pressing issues directly related to these topics. "President [of China] Xi Jinping mentioned the Hainan Free Trade Port in his speech [at the opening ceremony of the key part of the forum]. This is a very timely conference that we are holding, it is important," stressed Chi Fulin, Director of the Hainan-based China Institute for Reform and Development.
As Vice Chairman of China's State Development and Reform Commission, Cong Liang, clarified, Xi Jinping is personally involved in planning projects related to the creation of a free port in Hainan. "Together with the competent departments and the Hainan administration, we will actively and consistently carry out the orders of the government steering group and effectively implement the relevant projects," he added.
According to the official, preparations are well underway to close down the province's customs offices in the current mode and transition Hainan to a new offshore model, which is scheduled to be launched by 2025. Moreover, the authorities are taking steps to develop industries related to the modern service sector. These transformations are expected to accelerate the island's economic integration process, forming more diversified and efficient international supply chains with high added value.
The forum in the small town of Boao on the east coast of Hainan is held regularly since 2001 with 29 participating countries (Asia-Pacific nations). It did not take place in 2020 due to the pandemic, but in 2021 it was organised in an in-person format, and this time to ensure pandemic safety it will be held on 20-22 April in strict isolation (in a so-called bubble). The BFA is known as the Eastern Davos: it is a major platform for signing important agreements, coordinating positions between business and government representatives from Asia and all other regions of the world. Chinese authorities pay great attention to its development and consider it an effective instrument of soft diplomacy that helps boost and strengthen Beijing's international contacts.