Boao Forum for Asia (BFA) Annual Conference 2019

Follow the trends at Boao Forum for Asia with Deloitte

The Boao Forum for Asia Annual Conference (BFA AC) 2019 takes place in Boao, Hainan Province, from 26 to 29 March 2019. For the 15th consecutive year, Deloitte is proud to contribute our insight and knowledge to Boao Forum for Asia.

This year's theme is "Shared Future, Concerted Action, Common Development", within which 'open world economy', 'multilateralism', 'innovation-driven development' and 'high-quality development' are set to be the most discussed concepts. Deloitte Global Chairman David Cruickshank will lead the team of Deloitte delegates at BFA AC, exploring the potential of Industry 4.0 across multiple sectors. Deloitte is committed to building a shared future for Asian companies, as we continue to "Think. Create. Do."

Deloitte's representatives at the event are:

• David Cruickshank, Deloitte Global Chairman
• Cindy Hook, Deloitte Asia Pacific CEO
• Patrick Tsang, Deloitte China CEO
• Vivian Jiang, Deloitte Asia Pacific Clients and Industries Leader and Deloitte China Vice Chairlady
• Rosa Yang, Deloitte China Markets and Global Network National Leader and Global Chinese Services Group Chairlady
• William Chou, Deloitte China Vice Chair and National TMT Industry Leader 
• David Wu, Deloitte China Vice Chair and National FSI Industry Leader
• Norman Sze, Deloitte China Government Affairs Lead Partner and Northern Region Managing Partner
• Sitao Xu, Deloitte China Chief Economist and Partner
• Jens Ewert, Deloitte China CFO Program and MNC Sector Leader
• Lily Sheng, Deloitte China Brand and Communications Managing Partner

Scan the QR code to explore more about Deloitte's role at the Boao Forum for Asia Annual Conference.

Deloitte delegates attend the Opening Plenary 

The Opening Plenary of BFA AC 2019 was held yesterday morning, with Chinese Premier Li Keqiang delivering a keynote speech that highlighted the significance of cooperation and openness in today's world.

Leaders from Deloitte, the world's leading professional services firm, were invited to the plenary. Our delegation, led by Deloitte Global Chairman David Cruickshank, Deloitte Asia Pacific CEO Cindy Hook and Deloitte China CEO Patrick Tsang, witnessed the Premier's speech, later giving their thoughts on its inspiring messages. They said the speech has boosted their confidence in China's further opening up, which will bring about greater opportunities for foreign investors in sectors undergoing consumption upgrades, such as finance, healthcare and education.

Deloitte, they added, is committed to helping its global clients understand the dynamics of this development and embrace emerging opportunities.

Premier Li emphasized the importance of multilateral cooperation. That trend, our delegates said, is already happening and gaining momentum in Asia Pacific, and they expect China to be a driver of regional economic integration as well as a leader of common development. The delegates also agreed with Premier Li's remarks on innovation's role as an engine driving China's economic transformation. Deloitte is exploring AI technologies and big data to elevate the efficiency and quality of its services and enable its clients to grow their businesses through innovation. 

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Premier Li Keqiang meets business leaders

On 28 March, following Li Keqiang's keynote speech at the Opening Plenary of the 2019 Boao Forum for Asia Annual Conference, Deloitte Global Chairman David Cruickshank was among international delegates from think tanks, industry, commerce, finance and the media who met Premier Li.

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Deloitte awarded BFA AC certification

This year, for the first time in its history, Boao Forum for Asia granted certifications to its partners and members. At the General Meeting of Members, Deloitte China Brand and Communications Managing Partner Lily Sheng received a certificate from BFA Chairman Ban Ki-moon, Vice Chairman Zhou Xiaochuan and Secretary General Li Baodong on behalf of the firm.

For 15 consecutive years, Deloitte is proud to have contributed its insights and knowledge to BFA, this year as sole Intellectual Supporting Partner.

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As BFA AC's long-term Intellectual Supporting Partner, Deloitte will be actively engaged in two CEO roundtables at the event, as well as various sessions and dialogues on some of the hottest business topics.

Private Entrepreneurs Roundtable

Discussion Topic: Riding the tide of Industry 4.0 and brace for disruptive innovations

Date: 26 March 2019

Time: 2:30pm-4:00pm

Venue: Dongyu B, ICC, Level 1, BFA Hotel

Overview:

• In the context of modern globalization, how can Chinese private companies - which are spearheading China's economic transition - ride the tide of Industry 4.0 and brace for disruptive innovations such as digitalization, artificial intelligence and fintech?

Click here to read the session summary. 

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MNC CEO Roundtable

Discussion Topic: Repositioning amid the Intelligence+ initiative

Date: 27 March 2019

Time: 9:00am-10:30am

Venue: Dongyu B, ICC, Level 1, BFA Hotel

Overview:

• Amid changing geopolitics, China has pledged to further open up its economy and improve its business environment. Meanwhile, competition among major economies gravitates around technology and innovation. Artificial Intelligence, Big Data and the Internet of Things have been growing exponentially, reinventing business models in every industry. Against this backdrop, how can multinational corporations identify market trends and proactively cooperate more with local companies amid digitalization and supply-chain optimization, to better position themselves in the global value chain?

Click here to read the session summary. 

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Session: Opening up the Service Sector

Discussion Topic: Opening up the Service Sector

Date: 27 March 2019

Time: 10:45am-12:00pm

Venue: Changyan Ballroom, Level 1, Dongyu Island Hotel

Overview:

• China will open up its service sector very soon and substantially. What should it learn from the lessons and experiences of other countries? What are the risks and vulnerabilities? What sector-specific principles and paths should be followed in opening up areas such as finance, telecommunications, transport, education, healthcare and culture?
• How will the opening up of services affect the composition of China’s economy and trade?
• Are local service providers ready for external competition?

Click here to read the session summary. 

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TV Session

Discussion Topic: Reform for Converging Interests, Cooperation for Mutual Benefits

Date: 27 March 2019

Time: 2:00pm-3:15pm

Venue: Dongyu A, ICC, Level 1, BFA Hotel

Overview:

• What are the challenges faced by Chinese companies as China opens its doors wider to foreign businesses? How can Chinese and foreign companies pursue inclusive development and a shared future?
• Chinese SOEs are key participants in the Belt and Road Initiative, with private and foreign companies expressing strong interest in being a part of it. What are the prospects for the latter?
• Mixed ownership reform leads to capital with different types of ownership having shared interests. How does mixing assets create synergy and mutually beneficial results?
• When shifting from managing enterprises to managing capital, how does China's corporate governance align with international practices? What can be done to help international investors better understand corporate governance in China and participate in SOE reform?

Click here to read the session summary. 

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Women Roundtable

Discussion Topic: The Power of Women and the Value of Balance

Date: 28 March 2019

Time: 4:15pm–5:45pm

Venue: Peacock 4, ICC, Level 1, BFA Hotel

Overview:

• Women are the creators of material and spiritual civilizations and a key force in promoting social development.
• All genders have equal rights and obligations in every area of life, including politics, the economy, culture, society and family.

Click here to read the session summary. 

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Workshop: Research Report on Corporate Governance Practices

The corporate governance of large commercial banks is a topic of international importance. This research report aims to foster improvements to the corporate governance of China's six large state-owned commercial banks, highlight the achievements of banking reforms and support the decisions of shareholders and regulators. The research project was led by Professor Chen Caihong, distinguished professor of Zhongnan University of Economics and Law, with the joint efforts of experts from International Finance Corporation, the World Bank Group and the Deloitte China Corporate Governance Center.

The report covers:

a.    corporate governance with Chinese characteristics, such as “Four Meetings and One Management” and the role of state-owned shareholders;

b.    the key issues in corporate governance, such as director competence and remuneration and incentive mechanisms; and

c.    other corporate governance practices, such as communication with stakeholders and the independence of external auditors.

Deloitte will host the 'Workshop on the Research Report on the Corporate Governance Practices of China’s Big 6 Commercial Banks' (for invited guests only) on 29 March. At the workshop, Deloitte delegates will exchange views with guests on the existing governance of commercial banks and share their professional insights.  

Click here to read the summary. (Simplified Chinese only) 

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Individual meetings with government leaders and clients

Taking this forum as a platform, the Deloitte delegation led by Deloitte Global Chairman David Cruickshank, Deloitte Asia Pacific CEO Cindy Hook and Deloitte China CEO Patrick Tsang also had individual meetings with government leaders including SASAC Chairman Xiao Yaqing, Mayor of Guangzhou Wen Guohui,  Standing Committee of CPC Hainan Provincial Committee Member and Sanya Party Secretary Tong Daochi, the Vice Mayor of Tianjin Jin Xiangjun, Deputy Party Secretary of Chongqing Ren Xuefeng and BFA Vice Chairman Zhou Xiaochuan. Deloitte delegates listened to the government's blueprint for future development, introduced Deloitte's expansion in China and expressed continued commitment to the Chinese market. In addition, Deloitte delegates took the opportunity to meet and exchange ideas with key clients including China Development Bank, JD Digits, SenseTime and Panasonic China. Deloitte's involvement in the four-day Boao Forum for Asia Annual Conference 2019 concluded with these and many other major achievements.

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