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Backgrounder: The Boao Forum for Asia
The Boao Forum for Asia (BFA) is the first high-level forum organized by Asians aimed at enhancing the exchanges and co-operation among Asian countries as well as between Asia and the rest of the world.
In September 1998, ex-leaders of the Philippines, Australia and Japan advocated the establishment of an Asian forum similar to the World Economic Forum based in the Swiss town of Davos.
Following the Asian financial crisis of 1997, more and more Asian countries have realized that economic globalization and the development of the New Economy represent both chances and challenges for a diversified Asia that have to be handled from an Asian point of view.
The economic integration of Europe, and the development of the North American Free Trade Zone made Asian countries realize that Asia is lagging behind in regional economic co-operation. They have strongly felt the need for enhanced dialog, coordination and co-operation among Asian countries and regions.
The advocates of the BFA proposed that the forum be located in China, which is an influential power and has one of the fastest- growing economies in Asia as well as the biggest market in the world.
Having the forum based in China is the best way to satisfy the needs of Asia and the international business community to have a deeper understanding of China's economic policies, its enterprises, market and commercial chances, they said.
The BFA will be an open, non-profit and non-governmental conference organization held regularly at Boao, Qionghai City, in south China's Hainan Province.
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