Economic Watch: Companies embrace globalization at China's high-level forums

When Long Yongtu, former secretary-general of Boao Forum for Asia (BFA), came to the coastal town in China's southern island province of Hainan for the first time, Boao was still a small fishing village that was little known to the outside world.

It took only a few years before the town became home to one of the world's most renowned business event, the BFA, which attracted over 2,000 delegates from 60 countries and regions for its annual conference this year.

For Long, the forum was a symbol of globalization. "We should firmly push economic globalization and have the belief that globalization is irreversible," Long said.

globalization and opening-up were the consensuses of companies attending the ongoing BFA as well as the just-concluded China Development Forum (CDF) 2019, as business leaders worldwide try to cash in on the untapped opportunities brought by economic integration.

"We believe in open markets and free trade; they enable progress and prosperity," said BMW CEO Harald Kruger at the CDF.

As China is further opening its market, the BMW group will not only produce electric vehicles in China but also export them for the first time to other markets, according to Kruger.

"One of the key elements of the partnership is openness and trust. Being open to working together, open to new ideas and open to new solutions," said Apple CEO Tim Cook at the CDF.

Apple sees China's continuous opening-up as essential not only for China to reach its full potential but also for the global economy to thrive, he said.

A day after the conclusion of the CDF, global companies once again voiced their support for a globalized world at the BFA.

Themed "Shared Future, Concerted Action, Common Development," this year's BFA featured various panel discussions that center around globalization and opening-up.

"The mission of the BFA is for us to get together to safeguard multilateralism and globalization so that people around the world could share the benefits that globalization brings," said Li Baodong, BFA secretary general.

Keynes Li, senior vice president of Nu Skin Greater China, a U.S.-based developer of skin care products, said only through cooperation can all "residents of the global village" achieve win-win.

The company increased its investments in China last year and expanded its scope of operation, as it has deep confidence in China's opening-up policy, Li said.

Doranda Doo, senior vice president of Chinese tech firm iFlytek, was in Boao to share the company's expertise in artificial intelligence (AI).

"The BFA provides us an international platform where ideas are exchanged and resources are shared. We can connect with global experts in the AI industry and have a broader vision," she said.

Smaller companies attending the BFA are seeking new ways to participate in globalization. Vincent Lou, founder and CEO of Club Factory, an e-commerce platform, said cross-border e-commerce can help small- and medium-sized enterprises serve overseas consumers without worrying about establishing physical warehouses.

"Through e-commerce, smaller firms can benefit from and contribute to globalization," he said.