The biggest challenge facing the world today is the crisis of trust in global governance, while multilateralism and international cooperation are the solutions, a top official said at a press conference for the Boao Forum for Asia (BFA) 2020 held in Beijing on January 14.

"The world economy is at a crossroads and the international situation is full of fluctuations and uncertainties," Li Baodong, Secretary-General of the BFA said. "The growth rate of the world economy keep hitting new lows, and the multilateral trade system and global governance system, with the United Nations as its core, are facing great challenges."

In response to international concerns, the theme of the BFA will be "A World in Change: Bond Together for a Shared Future," and will be held on March 24-27 in Boao of Hainan Province in south China.

More than 50 activities will be held during the BFA focusing on five issues, namely, development trends, industrial changes, innovation, a beautiful life and global governance to discuss how to inject new energy into the world economy, prevent it from chaos and achieve a win-win result.

Li said the overall growth momentum of Asia is expected to continue. The Asia-Pacific region has made progress in free trade agreements, even though some developed countries changed their opening-up policies. Asian economies such as China are stepping into high-quality development and have taken actions to preserve the achievements of globalization, becoming the mainstay of safeguarding multilateralism, international cooperation and free trade.

Copyedited by Rebeca Toledo

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