Overview of Sanya Forum
Seven years after the financial crisis, a review of 2015 indicates that the world economy has yet to stage a robust recovery. Growth in major economies was generally weak and lackluster. In the US, economic growth has remained "stable" for the year. In Europe, alarm bells over "Grexit" triggered by the European debt crisis have stilled for the time being but recovery prospects remain relatively weak. Emerging economies experienced their slowest growth period since falling prey to the financial crisis, and the impact of a strong USD has led to capital outflows and shrinking foreign reserves. Global trade growth has been weak, and cross-border economic and financial interaction diminished, while protectionism has increased. The commodities market, meanwhile, remains dull. Global geopolitical brinksmanship has become increasingly complex while competing interests have become more apparent.
The Chinese economy is currently seeking new growth impetus and is at a crucial stage of accelerating structural transformation, as well as financial reform and liberalization. The announcement of the "One Belt-One Road" strategy, the Asian Infrastructure Investment Bank ("AIIB") taking shape, and the RMB's bid to become an international reserve currency are all moves to further enhance interaction between China and the world. Increasing interaction between, and the construction of, the Chinese and global economies are critical.
"One Belt-One Road" will lead to new potential for widening regional trade and investment, but has simultaneously presented new challenges to China. It has given the world a newer perspective, and while making the governance system more representative and rational, will lead to new demands on multilateral and bilateral trade, investment and other cooperative efforts around the world. The AIIB is in the process of exploring from without and perfecting the governance structure and operating standards of global multilateral development bodies. Meanwhile, China's monetary policy is expected to have a larger impact on the world, which will in turn affect China's overseas economic layout and domestic economic structure.
In this year of change, "Sanya Forum" will invite the most influential leaders in the political and business worlds as well as academia from China, the US, Europe, the Americas and Asia with the aim of leveraging political and economic capabilities of non-governmental think tanks to continue to more actively exert a real effect on advancing international economic as well as technological exchanges and cooperation, studying and resolving major issues, and promoting virtuous world economic growth by leading the direction of change through resonance of thoughts.