Chairman Hu Xiaolian Attended the Boao Forum for Asia Annual Conference 2019


The Boao Forum for Asia (BFA) Annual Conference 2019 was held in Boao, Hainan Province from March 26th - 29th.


China Eximbank Chairman Hu Xiaolian attended the Opening Ceremony and other relevant events of the annual conference upon invitation. On March 27th, Chairman Hu joined the China-US CEO Dialogue as panelist and shared views on China-US trade friction, as well as how the two governments may do to forge a fair, efficient and constructive relation.  


Chairman Hu Xiaolian stated that there are three stages to go for innovation to generate practical economic benefits, which are R&D, industrial application and market acceptance and consumption. In encouraging innovation cooperation and R&D, both governments of China and the U.S. have due responsibility to shoulder and a greater role to play in offering an open environment and relevant supporting policies. Regarding the industrial application of science and technology, China and the U.S. have witnessed many mutually-beneficial cases in supply chain cooperation. In terms of market acceptance and consumption, China and the U.S. also have great potential to tap into, especially in health care, education, social and financial services. China and the U.S. both have much to learn from each other. For instance, China has comparative strengthens in e-payment and logistics. 


On March 29th, Chairman Hu Xiaolian attended the Thematic Forum on How Much Can We Borrow, during which she shared views and suggestions concerning how much borrowing was “appropriate”, the approach of deleveraging and how policy makers could strike a balance between debt and economic growth. Chairman Hu said that China’s deleveraging is not at the opposite end of its economic growth, and it does not necessarily lead to the slowdown of economic growth since the effect of deleveraging depends on the approach. China has taken three major measures in deleveraging through supply side reform. First, China has advanced the reforms of state-owned enterprises by strengthening corporate governance, vitality and financial constraints, thus increasing the efficiency of resource allocation and utilization. Second, China has cut taxes and administrative fees to ease burden, increase debt service capacity and capital strength of enterprises. Third, China has improved the performance of capital market and revitalized existing debts so that assets and debts can be traded and treated in the market. As a result of the above-mentioned three measures, China will decrease debt burden and see a positive effect on economic growth.  


During the annual conference, Chairman Hu Xiaolian held talks with Prime Minister Xavier Bettel of Luxembourg and Mr. Robert Scharfe, CEO of Luxembourg Stock Exchange. The two sides exchanged views on Brexit, the evolution and development of international financial centers, the reform of Chinas capital market and the cooperation between China Eximbank and Luxembourg Stock Exchange on green financial bonds. 


During the annual conference, Chairman Hu Xiaolian, together with other conference participants, attended the meeting with Chinese Premier Li Keqiang. She was also invited to other side events including the luncheon themed “New Culture and Future Consensus” held by former UN Secretary General Ban Ki-moon, the dinner held by Hainan provincial government, meetings with several provincial and municipal officials where she shared views on how China Eximbank may better support the development of regional economy.