China proposes Asian financial cooperation association

BOAO - Chinese Premier Li Keqiang delivers a speech at the opening ceremony of the Boao Forum for Asia (BFA) annual conference in Boao, South China's Hainan province, March 24, 2016. [Photo/Xinhua]

BOAO - An Asian financial cooperation association to improve markets and prevent financial turmoil was proposed by Chinese Premier Li Keqiang on Thursday.

"Asia is home to the largest number of emerging economies and has kept up growth momentum," Li told the opening ceremony of the 2016 Boao Forum for Asia.

In Asia, developing countries alone recorded average growth of 6.5 percent in 2015, contributing about 44 percent of the world's total growth, he said.

"We have reason to be more confident, but we must foster further growth momentum, and play a more important role in the economic recovery of Asia itself and the world at large," he said.

He also expressed hope that all countries in the world will deepen cooperation, coordinate policy and oppose protectionism in any form, he said.

The Boao Forum, held in China's southernmost province of Hainan, is themed "Asia's New Future: New Dynamics and New Vision" this year. More than 2,000 participants from over 60 countries and regions attend the forum.