Asia needs closer cooperation to deal with economic uncertainties: Report

The convention venue for the Boao Forum for Asia in Boao, Hainan province.[Photo/hinew.cn]

Asian economies need to enhance the sense of community and sign more cooperative strategies to deal with the rising economic uncertainties in the region, a report said on Thursday.

The study, Progress of Asian Economic Integration Annual Report 2017, said the possible overheating of the US economy, the uncertainties of US President Trump's protectionist policies, the long-term impact of Brexit, and the forthcoming elections in Europe could pose challenges to Asia's economic prospect this year.

The report was released at the four-day Boao Forum for Asia in Boao, Hainan province, which started on Thursday. The opening ceremony will be held on Saturday and Vice-Premier Zhang Gaoli will deliver a keynote speech at the forum.

Asia is also faced with formidable tasks of reforms to deal with the global value chain changes, the fallback of the region's financial integration, the shrinking internal demand and the lack of competitiveness of the service sector, the report added.