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'Beijing consensus' has increasing global value

china.org.cn / chinagate.cn by Zhang Yugui, March 27, 2015 Adjust font size:

The 2015 Boao Forum for Asia kicks off on March 26 in the scenic town of Boao, in South China's tropical island province of Hainan.


The 2015 Boao Forum for Asia annual conference that opens on Hainan Island today will no doubt attract worldwide attention.

Although the theme of the forum - Asia's New Future: Towards a Community of Common Destiny - focuses on Asian economic and social development and regional security, the forum's mission and possible regional and international influence are obviously not confined to Asia alone. The conference has a direct bearing on global economic development, financial stability, international security and cooperation.

Fourteen years ago, when the first Boao Forum was held in Hainan, Western mainstream media and observers paid little attention to it. Understandably, since China had just entered the World Trade Organization, the country simply didn't have sufficient ability to lead any discussions of international topics at that time. Leaders of the United States, European countries, Japan and many developing countries apparently set greater store by the international influence of the World Economic Forum in Davos, and Chinese entrepreneurs and economists felt much the same.

With the passage of time, the situation has changed. Nowadays, China has both the willingness and ability to provide the world with the BRICS Development Bank, the Asian Infrastructure Investment Bank, the Silk Road Fund and other regional and global public institutions. China's international role as a newly emerging economy has been continuously expanding over the past 14 years.

In 1945, the economy of the United States was equivalent to 60 percent of the economy of the capitalist world and 45 percent of the global economy. The country's gold reserves reached up to US$20 billion, accounting for 59 percent of the world total and 75 percent of the total held by the capitalist world. In 2014, the United States still had the world's largest gold reserves with 8,133 tons or US$340 billion in official reserves, equivalent to the total held by Germany, the International Monetary Fund, China and Switzerland combined.

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