Monday, April 8, 2013

Asia This Day:Xi Jinping Addresses Forum;After Hours Futures Trading Begins

A major bilateral conference,the Boao Forum for Asia Annual Conference 2013,has been taking place in the coastal town of Boao on South China's Hainan Island Province.It started Saturday and concludes today,Monday,April 8.The theme of the conference is "Asia Seeking Development for All:Restructuring,Responsibility and Cooperation."
New Chinese President Xi Jinping made a keynote address at the gathering.He said it has become an important forum with growing global influence and a new starting point.He hopes it will scale an ever greater height.
It is Mr.Xi's first multilateral diplomatic meeting in China since his election in March.He recently completed his first foreign trip to Russia,Tanzania,South Africa and Congo.He also attended the fifth BRICS Summit in Durban,South Africa,portraying China as unswervingly following a path of peaceful development.
At the Boao Forum,Mr.Xi warned that no one should be allowed to throw a region into chaos for selfish gains.Although growing interaction inevitably leads to friction,it is important that countries resolve differences through dialogue-remarks taken to be references to North Korea's recent barrage of bellicose rhetoric and military moves aimed at South Korea and its US ally.
The more China grows,the more development opportunities it will create for Asia and the world.In the next five years,China's imports will reach around 10 billion dollars,and its outbound investment will reach 500 billion,Mr.Xi predicted.Its outbound tourists may exceed 400 million.
China will continue to properly handle differences and frictions with relevant nations,while upholding its sovereignty,security and territorial integrity-i.e.,Taiwan belonging to China,as well as disputed islands in the South China sea.
The real challenge is to broaden and deepen the cooperation we've seen happen in Asia,said Stephen Groff,Vice President of the Asia Development Bank.The ADP has stepped up its presence in Myanmar,which has been on a course of  liberalisation of late.Myanmar may become a middle income nation.
We're quite confident that we're gonna see strong economic growth in the Philippines.It needs a lot of work to build the manufacturing sector to provide the kind of jobs that the people need there,Mr.Groff observed.
The Hong Kong Stock Exchange has introduced after hours futures trading.This will be from 5pm to 11pm local time.That way,traders can adjust their positions to late-breaking developments.Small brokers are complaining the change could put them out of business.The exchange replied that they are not in the business of increasing everyone's profits.
The MSCI Asia-Pacific index was flat in early Monday trading,but Japan's Nikkei average rose 2.3% on the Bank of Japan announcing another round of bond-buying.

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