Delegates from China, India and Brazil discussed reviving competitiveness of Asia and emerging markets in a session at the Boao forum Thursday. Former Chinese vice premier, Vice Chairman of the Boao Forum Zeng Peiyan delivered a speech in the session, calling on Asian nations to strengthen ties and join hands in developing regional common market.Â
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"It's time that Asia woke up and realized the key to solving its problems lies in strengthening cooperation within itself," Zeng said.Â
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According to Zeng, Asian economy is currently going through a period of transformation. To meet the opportunities ahead, countries in the region need market and competitive resources integration to push forward regional development.Â
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"We need to enhance mutual trust and achieve the broadest strategic consensus possible to create a new miracle of development," he said.Â
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Zeng also said that Asian countries must cherish and maintain their hard-won peaceful development, implement agreements and consensus already reached, and manage differences through friendly consultation.Â
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In the face of weak domestic demands which can't be effectively stimulated in the short term, Zeng said Asian economies can find their way out by making concerted efforts in building a regional market, where resources and markets and be shared.Â
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"Firstly, we need to step up negotiations on the Regional Comprehensive Economic Partnership and the China-Japan-South Korea Free Trade Agreement and develop a unified trading arrangement. Secondly, we need to build an infrastructure network to promote connection and coordination between the economies; thirdly, we need to introduce innovation to existing financial, monetary and currency cooperation and use multiple channels to support regional economic development and preserve regional financial stability," he said.Â