Boao Forum focuses on 'growth drivers' for Asia

With the theme Asia's New Future: Identifying New Growth Drivers, the 2014 annual Boao Forum is being held in China from April 8-11.

On Friday, Dominic Ng, chairman and CEO of Los Angeles-based East West Bank and chairman of the Committee of 100, is scheduled to address a session on "The Future of Central Banks".

He will discuss the responsibilities and goals of central banks worldwide. Also taking part will be Zhou Xiaochuan, governor of the People's Bank of China, and Lawrence Greenwood Jr, former vice-president of the Asian Development Bank.

On Wednesday, international business and academic leaders participated in a session on the Shifting Global Supply Chain and the Rise of Asia's Consumer Market.

Moderated by Victor Fung, chairman of the Fung Group, the session focused on the rise of Asia's middle class and new consumption patterns.

Panelists included Ng; Stephen Badger, chairman of the board of Mars Inc; Sanjeev Chadha, PepsiCo CEO for AMEA; Jordan Hansell, chairman and CEO of NETJETS; Patrick Low, former chief economist of the World Trade Organization and vice-president of research for the Fung Global Institute; and Wu Guodi, chairman of the board of China International Energy Sources Group.

During the discussion, Ng shared his views on the relationship between innovations in financial services and the shifting global supply chain landscape.

He pointed out that more industries such as agriculture, aviation and entertainment are involved in the export and import business between China and the United States, increasing opportunities for financial services. The banking industry needs to quickly adjust to this changing dynamic, he said.

The annual Boao Forum for Asia is a non-governmental and non-profit international organization. It has become a high-end platform for dialogue among leaders of government, industrial and business circles, and academic circles from Asian countries and other continents.