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"Asia Miracle" loses luster: report

Xinhua, March 17, 2015 Adjust font size:

The Asia miracle of high growth and robust trade is fast disappearing, a report by the Boao Forum for Asia (BFA) said on Tuesday.

Economic indicators show an uncertain future for Asia as economic integration dawdles, said the Progress of Asian Economic Integration Report.

Asia's goods trade grew only at the global average in 2013 with exports increasing only slightly on 2012, while growth of services fell below the world average, the report said.

"The pace of Asia's integration in trade and production is also slowing significantly," the report said.

In financial sector, Asia still relies heavily on intermediaries from the United States and the European Union.

Despite being the world's major investment destination, Asia's performance in attracting investment was disappointing as its capital inflow shrank to 34.8 percent of the world's total in 2013, the report said.

"Asia has great potential and that potential must be tapped to support the sustained prosperity," said Zhou Wenzhong, secretary-general of the BFA, calling for strong political will and immediate action. on a more inclusive Asia-Pacific free trade area and accelerating China's "belt and road" plan.

Foreign direct investment (FDI) by Asian enterprises remained strong in 2013, growing by 7.9 percent, higher than the world average of 4.8 percent. China's FDI increased 15 percent.

The forum also published the Asia Competitiveness Report and the Development of Emerging Economies Report. China's overall competitiveness in Asia remained at ninth place in 2014. Singapore, Hong Kong and the Republic of Korea made up the top three places.

As a non-governmental and non-profit international organization founded in 2001, the BFA promotes regional economic integration to bring Asian countries closer to their development goals.

The annual conference of the forum this year is scheduled for March 26 to 29. Chinese president Xi Jinping and other Asian leaders will attend the opening ceremony. Endi