Generally speaking, globalization is beneficial to emerging economies, and its progress hinges on the management of negative effects, he said.
A LESSON OF HISTORY
As anti-globalization rears its head, East Asia is suffering setbacks in economic integration, according to the BFA annual report.
Asian economies' interdependence in trade and investment has decreased, with a likely retreat in integration of the manufacturing network and financing, according to Lin Guijun, vice president of the University of International Business and Economics.
The biggest hurdle is the lack of a sense of community, Lin said.
The financial crisis that wreaked havoc in Asia's economy two decades ago should serve as a grave reminder that the regional community must unite together when facing a crisis, Zhou said.
More regional cooperation and integration will help Asian countries achieve their development goals, he said, calling BFA a platform for deliberation on Asia's path of integration.
Asia, with its vitality and vision, will inject momentum into the globalization drive, he added, citing a prediction by the International Monetary Fund that Asia will account for two thirds of world economic growth within the next four years.
EMBRACE GLOBALIZATION, CHINESE WAY
At the end of 2016, the BFA held a conference in Melbourne, Australia to explore the future of globalization. Participants agreed that globalization should be more inclusive to benefit groups marginalized in this process.
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