Boao Forum Opens Today in China... Both Hosts and Guests Show 'Lowered Formality'

China's Boao Forum, known as the Davos Forum of Asia, will be held for four days from the 26th in Boao, Hainan. The forum has drawn attention due to the keynote speech being delivered by Zhao Leji, the third-ranking member of the Chinese Communist Party and chairman of the Standing Committee of the National People's Congress (NPC), representing the leadership, and the absence of any major South Korean business leaders attending.

According to China's state-run Global Times (GT) on the 25th, the Boao Forum will open on the 26th under the theme "Asia and the World: Common Challenges, Common Responsibilities." It will feature four main sessions on "World Economy," "Technological Innovation," "Social Development," and "International Cooperation," along with more than 40 breakout discussions.

[Image source= Xinhua News Agency]

At the opening ceremony, Zhao Leji, the third-ranking member of the Chinese Communist Party and chairman of the NPC Standing Committee, will deliver the keynote speech. Zhao is expected to introduce China's opening-up policies and future economic directions. This is the first time that the chairman of the NPC Standing Committee has represented the Chinese leadership at the Boao Forum opening ceremony. Last year, Premier Li Chang delivered the keynote speech, and in 2022, President Xi Jinping gave a speech via video conference.

Inside and outside observers have noted that this year's Boao Forum is of a lower profile compared to previous years. Some analysts link this to the recent NPC approval of amendments to the State Council Organization Law, which reduce the powers of the Premier, thereby lowering the Premier's status.

From South Korea, Ban Ki-moon, former UN Secretary-General and chairman of the Boao Forum, and Oh Young-hoon, Governor of Jeju Province, will attend, while SK Group Chairman Chey Tae-won, who appeared last year, will not participate this year. Vice chairman-level executives from SK Group and Samsung Group are reported to attend in their place. A business insider commented, "This year is a period when it is difficult to find significance in attending from a necessity perspective," adding, "Continued investment solicitations and encouragements might be uncomfortable."

At the forum, heads of state such as Kassym-Jomart Tokayev, President of Kazakhstan; David Adeang, President of Nauru; Dinesh Gunawardena, Prime Minister of Sri Lanka; Roosevelt Skerrit, Prime Minister of Dominica; and Hun Sen, Cambodia's King’s Supreme Advisor, will attend. International organization leaders including Daren Tang, Director General of the World Intellectual Property Organization (WIPO), and Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), will also participate.

From the business sector, Robert Goldstein, President of Global Casino Operations at the US casino company Sands Group; Christian Bruch, President and CEO of Siemens Energy; and Pascal Soriot, CEO of the UK-based global pharmaceutical company AstraZeneca, will be present.

Within China, there is a self-assessment that global attention is focused on Boao. Wang Feng, Associate Researcher at the Beijing Academy of Social Sciences, told GT, "The Boao Forum, held after China's Two Sessions and the Development Forum, holds special significance as an economic exchange platform not only for Asia but for the entire world." The state-run Global Times emphasized, "This event is not only an important window for China to showcase its development philosophy and achievements but also a venue where officials and bureaucrats from various countries exchange views and discuss cooperation."

This content was produced with the assistance of AI translation services.