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Expert: Rethink about traditional economic development model
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13:32, April 17, 2009

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· Boao Forum for Asia 2009
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Another important dialogue among the international community to address the financial crisis following the G-20 London summit will be conducted in Boao in south China's Hainan Province.

As an important world economic growth force, how the Asian emerging economies will deal with the financial crisis and what the prospects of its economic development will be are going to have enormous effects on the world economic recovery.

Therefore, the dialogue -- Boao Forum for Asia (BFA) Annual Conference for 2009, under the haze of the financial crisis, has attracted great attentions from Asia and other parties that are concerned about Asian affairs.

Before BFA starts, Yin Zhongyi, vice president of China (Hainan) Reform Development Institute, said, the Asian emerging economies should "rethink about the disadvantage of the traditional economic development model" while adopting new stimulus economic measures against the financial crisis.

During an interview with Xinhua, Yin pointed out, the Asian emerging economies have been hit hard by the global financial crisis which has resulted in a sharp drop in exports, an increase in unemployment and a slow-down in economic development in the region.

Also, he added, the crisis has furthered the social contradictions which are intertwined with issues of the rural areas, poverty, environment, and resource.

"All these indicate the Asian emerging economies should more proactively lay out a reform model for economic development and social changes, and pave a new path for moving forward," added Yin.

"Over the past three decades, the Asian emerging economies have formed an economic development model --exports based and intense involvement in the European-U.S. economic cycle, but with inadequate demand arising from within the intra-Asian economic cycle," Yin stressed.

The outbreak of the financial crisis has slowed down the economic cycle and caused a decline in exports in the Asian emerging economies which are heavily dependent on European-U.S. market, and these effects have triggered a series of economic and social problems.

Facing the challenges of global financial crisis, Yin believed, the Asian emerging economies, which heavily rely on the markets outside of the region, must speed up the transition to form a new development model "in which the countries will depend on the domestic demand to promote the region's economic growth."

He suggested that the Asian countries and regions can promote trade facilitation and create the trade demand in the region by improving the "10 +1" "10 +3" "10 +6" and other forums of regional cooperation mechanism.

"There is room for enhancing intra-Asian investment," Yin added. Affected by the financial crisis, investment from Europe and U.S. has significantly dwindled in the Asian emerging economies, he noted, therefore, if the Asian nations and regions further open their capital markets reciprocally, they will then stimulate growth in intra-Asian investment.

Meanwhile, Yin stressed, China and other Asian economies should, through the platform of the Boao Forum for Asia, coordinate their positions and form a concerted force to promote the changes of the world economic order, to establish Asia’s due status in the world economy, and to protect their interests during the process of global economic integration.

Boao Forum for Asia held its first annual conference in April 2002. This year, under the theme of "Asia: Managing Beyond Crisis," delegates will deal with issues of challenges and prospects brought to Asia by the global economic crisis from April 17 to 19.

Source: Xinhua



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