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T
he further we venture into this new
era of change and transition, the
more we need exchanges of ideas to
light the way ahead.
The publication of our April issue
coincides with the opening ceremony of
the Boao Forum for Asia Annual Con-
ference 2015. The Forum is attracting
increasing attention not only within the
Asia-Pacific region, but also from anyone
involved with the region, not only because
it brings together leading elites in their
respective fields, but also because people
are interested in the thoughts of, and in-
terchanges between, the wise minds which
have brought about the region’s
fast-paced
development.
“Asia’s New Future: Towards a Com-
munity of Common Destiny” – as in the
past, this year’s meeting will cast new light
on expectations for Asia’s actual devel-
opment and strategic direction. Over the
past half-century, different parts of Asia
have excelled in various sectors of the
global economy, not only benefiting from
the massive arenas opened up by global
economic liberalization, but also from the
policy dividends and unleashed vitality
brought about by ongoing change.
Innovation and reform have encouraged
humanity to move from an agricultural
society into the industrial era, developing
into the new world that we know today.
Nowadays, Asia’s various member states
and regions,
regardless of their social
From
the Editor
Innovation Is Shaping Our Future
governance or mode of economic develop-
ment, all face challenges in terms of their
capacity to generate innovation.
This issue’s cover story, “Europe, Amer-
ica and China Have the Same Economic
Problem”, penned by the 2006 Nobel Prize
winner for economics Edmund Phelps,
traces the past, analyzes the present, and
looks to the future of the world’s three
major economies. Phelps believes that
regardless of their state of development,
their economic growth and success origi-
nate from technological and industrial in-
novation. Developed nations can only rely
on their own innovation capacity, whereas
in developing countries, innovation can
be achieved
by introducing and copying
existing technologies.
Professor Phelps points out that as Eu-
rope, the U.S. and China enter their own
new economic normal, the issues they face
are actually the same: how to stimulate
widespread innovation and vitality, how
to expand innovation from the inner cir-
cles of high-technology industries to every
industry sector, and even to every individual
at the grassroots level of society.
German investor Peter Jungen’s views
are similar to those of Professor Phelps,
and he proposes strengthening the devel-
opment of education which stimulates in-
novation, eliminating the inhibiting effect
of traditional culture on innovation, and
disposing of regulatory measures which
stifle innovation.
In our Macro Economy column, we
are honored to bring to you an article by
Dutch Prime Minister Mark Rutte. The
Prime Minister, who
will head a delegation
on a visit to China and attend the Forum,
has taken the opportunity in his message
of blessings for the New Year of his Chi-
nese zodiac sign, the Sheep, to talk about
the close cooperation between China and
the Netherlands in areas as disparate as
trade, investment, culture and society.
Former Director General of the WTO
Pascal Lamy writes about the past, present
and future of global governance. He per-
ceptively points out that acknowledging
and understanding our global differences
is a prerequisite to attempts to find an
acceptable
point of convergence, and is
probably the most valuable contribution
our global system could make to improve
global economic, political, and social inte-
gration, ensuring the best possible future
for the generations to come.
Ravi Menon, Director of the Monetary
Authority of Singapore, also writes about
Singapore’s role in the integration of Asia’s
economies, the offshore RMB market and
infrastructure financing. He also discusses
with readers how to best write the story of
Asia’s growth.
We hope that these insights—from
scholars, regulators and leaders alike—will
stand the test of time, and light the way
ahead for the transformation of Asia, as
well as the world.
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Apr. 2015
Information
▌
On 9 January 2015, the inaugural event of
the 2015 series of Boao Salons,
organized by
Boao Review was held in Beijing. The theme
was “Diplomatic challenges with China’s
neighbors”, and former Deputy Director for
Asian Affairs of the Ministry of Foreign
Affairs Madame Yang Jian was invited to
give the keynote speech.
▌
Recalling her early participation in the
Boao Forum for Asia, as the Forum’s Asian
regional coordinator, Yang Jian started off
by expressing her sincere happiness at the
achievements and position the Forum has
today achieved.
▌
Turning to the topic of her speech,
she explained that foreign affairs are an
extension of domestic affairs. She mentioned
that diplomats must have well-honed
communications and judgement skills, a
positive attitude
in the face of challenges,
and the ability to implement the national
will and protect national interests. In this
era of globalization, national interests are
intertwined, and dialogue and negotiation
are the only desirable ways to resolve
disagreements. China’s foreign relations,
those with its neighbours in particular, must
seize opportunities, face up to challenges,
and seek a peaceful, stable environment to
allow its domestic reforms to mature.
▌
On the subject of the Asia-Pacific situation
in the face of the USA’s “pivot to Asia” and “new
balance of power in the Asia Pacific” strategies,
she talked about the strategic decisions which
China, as the world’s
largest developing nation,
has taken in the face of this situation.
▌
With regard to Sino-Japanese relations,
she explained that although the positive
development of Sino-Japanese relations is
burdened by historical baggage as well as a
variety of more recent issues, these should
be resolved with diplomacy and wisdom.
Regarding the Korean Peninsula, it is even
more important that the parties involved
remain calm and restrained, and invoke
dialogue and negotiations to achieve the
nuclear disarmament of the peninsula, and
ensure its peace and stability.
▌
Yang Jian also answered questions from
participating guests on subjects ranging
from territorial
disputes with China,
international investment, Sino-Myanmar
and Sino-Vietnamese relations, and the
work and lives of diplomatic personnel. BFA
Secretariat Executive Director and BFA
Institute Executive Dean Yao Wang, and
BFA Institute Vice President Wang Dong and
Gao Song, publisher of the Boao Review, also
participated in the Salon.
▌
Before the start of the Salon, Boao Review
Media Executive General Manager Song
Boao Salon
Focusing on the diplomatic
challenges with China's neighbors
– 2015 Inaugural Event
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