Boao Forum for Asia

The Boao Forum for Asia is one of Asia's biggest annual economic meetings, attracting heads of states, and hundreds of international organization chiefs and business leaders.

CNC spoke to some of them to find out their views on China's development and the future of world's second-largest economy.

PKG

More than 1,400 representatives from Asia and other regions have been invited to this year's Boao Forum, the largest in the forum's history.

Microsoft founder Bill Gates, U.S. hedge fund investor George Soros and Former Chief Economist of the World Bank Justin Yifu Lin are also attending.

The forum consists of dozens of panel discussions, with topics covering financial cooperation, economic development in Asia, European debt crisis and other hotspot issues.

According to Chinese economist Hu Zuliu, this high-profile event shows the world's increasing willingness to cooperate with Asia, a region with robust economic growth.

SOUNDBITE (CHINESE) HU ZULIU, Economist:

"The past decade saw China play an increasingly important role in global issues. As the Boao forum is held in China, it would naturally attract many attendees worldwide, including representatives from the Fortune 500, investors and government officials."

For the first time, this year's Boao forum includes new panels that discuss the development in Africa and Latin America.

Analysts say it's an important signal that Boao is not only a voice for Asia, but is to have an expanding focus.

SOUNDBITE (CHINESE) YANG XIYU, Boao Forum Research Institute:

"Asia is becoming more and more open. We welcome Latin American and African countries to engage more with Asia. Meanwhile we also encourage more Asian entrepreneurs to go to their continents. I believe the three regions could enhance mutual understanding and boost ties via this forum."

Mexican President Enrique Pena Nieto is one of the foreign heads of state that join the annual event.

He believes the Boao forum will advance Sino-Mexican relations as well as cooperation between Latin American and Asian countries.

SOUNDBITE (SPANISH) ENRIQUE PENA NIETO, Mexican President:

"Mexico and China will enhance high-level exchanges, maintain institutionalized exchanges and dialogues, deepen political mutual trust and expand bilateral cooperations in trade, investments and culture."

Themed "Asia Seeking Development for All", the forum focuses on "restructuring" the region's developing economies in a more sustainable and innovative way.

SOUNDBITE (CHINESE) YANG XIYU, Boao Forum Research Institute:

"China is in the process of changing its economic growth pattern. Now Asia is also undergoing structural adjustment, as well as developed countries like the U.S. and those in Europe. It's a common task faced by the world."

At a time when the European economy struggles with recession, the Asian market has kept its growth momentum.

Many believe it's time to look eastward.

SOUNDBITE 4(ENGLISH) SAULI NIINISTO, Finnish President:

"We should take lessons from developing countries where people work hard and people see in the way a target where they have to go. This is maybe not the case always in welfare states where people get satisfied and not have a new target, which nevertheless is the basic element for future, good future, you have always to go forward, can't just stop."

Since 2002, the Forum has been held annually in the Hainan resort town of Boao.

It has since become an important platform for discussions on global economic governance.