With the collective effor t of Asia and countries around the world, this year can be marked as a year of steady recovery from the effects of the international financial crisis. China is at its final stage of completing the Eleventh Five-Year Plan, and is about to commence the Twelfth Five-Year Plan. After achieving steady growth targets last year, China has set for th its target to improve the quality of its economic development. Countries from Asia and all over the world now invariably pursue low-carbon and sustainable economic development models as a common future growth strategy.

During the financial crisis, Asian countries have set economic development and recovery as their top priorities. The Copenhagen Climate Summit had at least secured consensus amongst countries to share responsibilities in protecting the environment and developing low-carbon economies. The green industry that promote conservation, efficient usage and development of new energy, is poised to be an emerging industry with tremendous global development.

In the process of global recovery, China has peacefully risen to become an important player in the international economic scene, influencing and spearheading worldwide development. China, by reforming its economic growth structure, targets to transform from a low-value added “Made in China” economic model to a creative “Brand China” economic model.

On the other hand, China is cer tain to upgrade its production abilities and develop new strategic industries, including conservation, environmental protection, information technology, biotechnology, advanced equipment manufacturing, new energy, new material, marine and aerospace technology industries.

To facilitate China’s future development plan, and to advance its global position as the international financial, trading and logistic hub, Hong Kong is determined to develop strategic sectors in its economy. Hong Kong and Guangdong province seek to reaffirm their cooperation as an important component in China’s next five year plan.

In the next five years, China aims to maintain annual economic growth at around 7%, and will focus to expand domestic demand. In view of this, policies will promote the increase of domestic income, improving spending power of the mid to low income groups. This will help China’s citizens to share the rewards of the country’s development.

Apart from China, Asian economies are moving forward in various paces. However, it is evident that Asia’s recovery has been stronger in relation to the rest of the world. In particular, spending power in Asia has grown from strength to strength. Asians now demand better products and services, spurring great development potentials.

Despite technological advances and widespread of information, there still exists unpredictable economic turmoil and natural disasters. With all of us residing in the earth village, we must work closely to cope with challenges and build a prosperous future together.

In weathering and recovering from the financial crisis, we present to you the 2010 Boao Youth Forum (Hong Kong) – “Opportunities and Challenges – Asia’s Development on its Road to Recovery”. For the Asian youth community, it is a great occasion to reflect on the past and look into the possibilities ahead. Together, we will be able to overcome challenges and difficulties, and build a bright future.