Lee calls for stronger global cooperation at Boao Forum

Ayra Wang and agencies

"Go together, we go far," Chief Executive John Lee Ka-chiu said as he called for stronger international cooperation at the Boao Forum for Asia in Hainan yesterday.

Speaking at the Global Free Trade Ports Development Forum, Lee highlighted Hong Kong's strengths under one country, two systems, including its robust legal system, low-tax environment and a skilled workforce.

He also acknowledged external challenges, such as geopolitical tensions and global supply chain disruptions.

"Asia, now an engine of global growth, must promote multilateralism and reject protectionism," Lee said.

He noted that Hong Kong has secured investment agreements with 33 economies and free-trade pacts with 21.

"Go alone, you may go fast. Go together, we go far," Lee said, emphasizing that the city will continue to work with Hainan to promote it to a global audience.

Boao secretary-general Zhang Jun hoped this year's forum would send a strong message to the international community--of maintaining confidence, promoting unity and cooperation, overcoming difficulties, and creating a bright future.

He highlighted Asia's leading position in global development and its promising outlook, saying that the world has reason to hold great hope for Asia's future, and Asia, in turn, has reason to remain confident about the world's future.

A report issued at the forum, meanwhile, said Asia's economy will avoid a slowdown this year even as US President Donald Trump escalates his campaign to put pressure on countries by raising tariffs.

Forecasts showed growth across the continent is expected to reach 4.5 percent this year, slightly higher than last year's 4.4 percent.

South Asia is set for the fastest expansion in the region with a gain of 5.9 percent, researchers including those at the Chinese Academy of Social Sciences, said in the annual report.

Also, Peng Sen, president of the China Society of Economic Reform, said China should raise consumption to a level close to those of developed countries in the next decade, adding to calls to rebalance the world's second-largest economy away from investment and export.