Asia expected to lead world growth: report

Updated 2018-04-08 20:15:22 Xinhua

Asia has maintained stable growth and is expected to lead the world in economic development amid moderate recovery of major economies, said a Boao Forum for Asia (BFA) report Sunday.[Special coverage]

The report, titled "Asian Competitiveness Annual Report 2018," was released at a press conference of the BFA annual conference, which runs from April 8-11.

The report cited enhanced driving forces of external growth, transformed internal impetus and deepened cooperation among economically integrated markets as major reasons propelling Asia's future development.

The Asian economy remains one of the major engines driving world economic development, it said.

Asia's demand for investment is estimated to surpass 8 trillion U.S. dollars by 2020, according to a separate report, BFA Progress of Asian Economic Integration Annual Report, also released at the press conference. It urged Asian economies to take advantage of the opportunity, and work together to create a world-class integrated financial market through reform.

Driven by the Belt and Road Initiative, the Asian economic integration process has accelerated, and their joint implementation of the international market increment strategy will continue to bring more development dividends, according to the Asian competitiveness report.

With Asian economic integration deepened, the potential of such market increments in creating wealth will be continuously unleashed to ensure the related Asian economies to further stabilize and develop well, the report said.

More and more Asian economies are transforming their development patterns through innovation, hoping to bring more high value-added benefits via advanced science and technology, it said.

Asian security environment will also improve and non-traditional security threats further decrease, it said, adding that Asian countries will be better equipped to promote their internal governance and improve the overall security situation in Asia.

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