Chairman Wu Bangguo attended the opening ceremony and delivered a keynote speech.
Wu spoke highly of the BFA and showed confidence that the forum will grow into an important regional platform of dialogue for promoting business cooperation and common development in Asia.
Asia's gross domestic products (GDP) grew by over 6 percent annually in the past seven years, contributing to 20 percent of the world economic growth. Asia's economy, trade and foreign exchange reserves respectively takes up one fourth, one third and three fourths of the world's total, said Wu, chairman of the Standing Committee of the National People's Congress, China's top legislative body.
Sustained development in individual Asian countries has led to increasingly closer economic links within the region, expanding common interests and heightened awareness of the Asian identity, he said, adding that development and cooperation in Asia are enjoying unprecedented momentum.
Wu summarized five shared values of Asian countries and regions in promoting peaceful development, saying that they are precious assets which should be enriched and carried forward in development endeavors.
The five values are to maintain peace in Asia, enhance regional cooperation, accelerate scientific and technological innovations, conserve resources and protect the environment and promote harmony in Asia.
Peace is essential for Asia's development, said Wu, calling for Asian nations to accommodate each other's interest and concerns, properly handle issues left over from history and current problems and work together to maintain security and stability in Asia.
With the world moving closer to multipolarization and economic globalization gaining momentum, regional cooperation in Asia will be steadily enhanced, said the top legislator of China.
Despite the strong will of Asian nations in regional integration, the future for an integrated Asia remained obscure, said Long Yongtu, secretary-general of the BFA. He predicted that at least 50 more years are needed to achieve that goal.
Asia still lacks a mechanism of cooperation covering the whole region and that's why the BFA would hopefully add two seats in its board respectively for the Middle East or West Asian nations.
East Asia is currently the most active subregion in regional economic cooperation, but South Asia, Central Asia and West Asia have been forgotten in the entire Asian regional cooperation process, said Long.
Observers said Asian countries outside East Asia are hoping to see an arrangement connecting the whole of Asia, while Australia and New Zealand are making efforts to "join" Asia and take a positive approach to the Asian economic integration.
Against such a backdrop, according to Long, the Boao Forum for Asia, which is a dialogue channel for the whole Asia, wishes to play its unique role to fill in the vacuum.
Fidel V. Ramos, former president of the Philippines and chairman of the BFA board of directors, said at the opening ceremony that the forum seeks to enhance understanding and communication that transcend regional, political, economic, geographical and cultural boundaries.
To promote innovation and sustainable development in Asia is to help build a harmonious world of lasting peace and shared prosperity, said Ramos.
Wu defined "harmony" as fundamental to Asia's development, saying that harmony is a good tradition and should be carried forward.
"We should respect the diversity of civilizations, encourage dialogue on an equal footing among civilizations, expand common ground while shelving differences," he said.
Despite the robust economic growth among Asian nations, the region is worried about how to achieve sustainable development in face of pollution and energy shortage.
Philippine President Gloria Macapagal Arroyo said that the most urgent problem for Asian nations is to change the development mode, solve problems in environment and bring the benefits of the economic growth to poor people.
The Association of Southeast Asian Nations (ASEAN) promised to build an integrated trade zone and has taken a brave step towards an organization like the European Union, said Arroyo.
The ASEAN nations will strengthen political and economic cooperation with other partners in Asia, said Arroyo, adding that the BFA will provide such a mechanism for the cooperation and a new mode of Asian development is expected to be achieved in the process.
Wu called for Asian nations to pursue a new strategy for industrialization which is high-tech driven, resources-efficient and environment-friendly and fully taps the strengths of human resources.
Pakistan Prime Minister Shaukat Aziz said that Asia should make good use of its advantages in intelligence and human resources to create economic growth and face up to the challenge of sustainable development with private and government measures.
"We need to strive towards sustainable development through collaboration in the areas of natural resources and the environment. We need to focus on pursuing new value creation based on innovative technology partnerships," said Chey Tae Won, chairman of the SK Group.
Bill Gates, chairman of computer software giant Microsoft, said in his keynote speech that investment and changes in Asia have brought great opportunities for innovation. Microsoft plans to use60 percent of its research and development resources in Asia.
During the two-day conference, more than 1,400 of the most influential politicians, business leaders and intellectuals from Asia and around the globe will discuss topics concerning the Asian economic community, Asian values, corporate social responsibility and innovation in the banking and telecommunications sectors.
The BFA, established in 2001, is a non-governmental organization serving as a platform voicing for Asia's future. The 2007 conference, with the theme "Asia Winning in Today's Global Economy -- Innovation and Sustainable Development", will run from Saturday to Sunday in Boao.
(Source: Xinhua News Agency)