The Boao Forum for Asia Financial Cooperation Conference was held in London on Monday. Participants agreed to improve financial cooperation between Asia and Europe in an effort to boost the world economy.
Financial officials attending the Boao Forum warn that no country can go it alone when it comes to global growth, and cooperation is needed more than ever.
"Right now, we face a crisis; We have a slowdown in Asia; we have very small growth in Europe. And in the United States, there's uncertainty about whether interest rates will increase," said Jean-Pierre Raffarin, former Franch Prime Minister.
Emerging economies and developing countries, led by China, have played a key role in spurring global growth. But officials say new strategies are needed to cope with the changing world economy.
Some believe the One Belt, One Road initiative represents a new way to connect Asia and Europe. The two continents have abundant resources and massive economic potential, but with poor infrastructure, little access to capital.
"One Belt, One road to me will become a global concept. China introduced the initiative and many countries want to be part of the project. During his visit to Pakistan, President Xi announced One Belt One Road would generate up to 40 billion dollars. They will produce more growth," said Shaukat Aziz, former Pakistan Prime Minister.
Rather than lay out a roadmap, the discussion at the Boao Forum focused on practical dimensions.
The participants hope the agreements reached here at the conference will make a difference in the region. And they hope the policies will speed up the implementation of the One Belt, One Road initiative.