Asian leaders at Boao Forum were in agreement yesterday on the issue of China’s growing trade tensions with the US: the economic impacts would affect the entire region.
The forum, which takes place annually on the tropical island of Hainan and is considered by some to be the ‘Asian Davos’, convenes political and economic authorities from across the world.
Emphasis was placed on dialogue instead of stoking a possible trade war, given the interconnected nature of Asia’s trade ecosystem, according to the Nikkei Asian Review. Fan Gang, director of China’s National Economic Research Institute, mentioned that Korean, Japanese, and Taiwanese supply chains would all be hit by U.S. tariffs on Chinese goods.
Some attendees, such as former governor of China’s central bank Dai Xianglong, called on China to reduce its surplus with the US to assuage tensions, noting that exports were not a key driver of China’s economic growth.
One of the most anticipated events at the Forum is President Xi Jinping’s address later today in which he is expected to comment of issues of trade, protectionism, and market liberalisation.