Platform for voices of Asia

Asia used to be the growth engine of the world's economy, but it could not escape a series of economic woe as the global financial turmoil slashed exports, closed factories and exacerbated unemployment.

The Asian Development Bank (ADB) predicted that the average growth in developing Asia would slow almost by half to 3.4 percent in 2009, the worst decline since 1998.

"The global financial crisis is paramount on everyone's minds," said Long. "As such, it is more important than ever before the Asian leaders and business executives come together to exchange ideas and come up with innovative solutions on the issues that matter most," he said.

More than 1,600 political leaders, business people, and academic scholars from across the globe will discuss and debate the impact of the crisis on Asia and how the region weathers the challenges effectively, according to the organizer.

Delegates will discuss how the emerging countries should play their part in reshaping the global financial system, and seek a balance between financial regulation and innovation. They will also discuss solutions to expand foreign trade and investment, and measures to cope with the volatile commodity prices.

The leaders, including Pakistani President Asif Ali Zardari and New Zealand Prime Minister John Key, will speak at the opening ceremony of the forum on Saturday.

Former Japanese Prime Minister Fukuda Yasuo and former Chinese Vice Premier Zeng Peiyan will deliver keynote speeches on world economic outlook at the opening luncheon on Saturday.

On Saturday evening, former U.S. President George W. Bush will address the forum and discuss his time in office and outlook for the future. It will be his first appearance in Asia after he left the Oval Office in January.

In the meantime, more than 800 business people will attend the conference. The biggest lineup includes senior executives from the world's leading banks such as the Bank of America and Merrill Lynch, to the world's top IT companies including Google and Netease.

The organizers said the BFA and ADB will jointly launch a report assessing the progress of regional cooperation in Asia amid the global crisis.

The report, or Boao Forum for Asia Annual Report on Progress of Regional Cooperation in Asia amidst the Global Financial Crisis, will evaluate the effects of the crisis on emerging Asia and the responses adopted by governments.

"It will also suggests policy options for addressing the crisis in the contexts of regional cooperation," the organizers said.