Themed on “Shared Future, Concerted Action, Common Development,” the 2019 Boao Forum for Asia (BFA) will be held in Boao, southern China’s Hainan province, from Mar. 26 to 29, carrying hope for open world economy.

This year, the forum will have about 50 formal discussions on five major topics, involving open world economy, regional cooperation and global governance, innovation-driven development, high-quality development.

Globalization and free trade are the mainstream of economic development. Meanwhile, multilateralism, dialogue, and cooperation are the aspirations of most countries. Hence, open innovation and globalization are the best choice for the world economy, according to Li Baodong, secretary general of BFA.

China has taken advantage of the new technological revolution and industrial transformation to promote the vigorous development of emerging industries and to accelerate the transformation and upgrading of traditional industries. As a key contributor to the world economy (China contributes over 30% to world economic growth), innovation-driven technology is the indispensable factor, Xinhua commented.

Specifically, this year’s BFA will pilot smart vehicles featuring Internet of Things (IoT) technology to demonstrate the nation’s application of advanced technology. The pilot vehicles will be equipped with advanced in-vehicle sensors, controllers, actuators, and other devices; and integrate modern communication technologies to realize intelligent information exchange between vehicles, people, roads, and backgrounds, according to the provincial industry and information technology department.