President Xi Jinping attends a meeting with entrepreneurs at the 2015 Boao Forum for Asia in Hainan province on Sunday. [China Daily]

The theme of this year's Boao Forum for Asia was "Asia's New Future: Towards a Community of Common Destiny." China and the Asian region's future will only be strong if it conceives of the vision, takes the necessary steps and makes the investment today to make that future possible. Clearly, the 21st century is seeing the center of economic power shift increasingly toward Asia, which is becoming the world's leading producer of goods and services. As stated in the Australian Asian Century White Paper issued in 2012:

"The pace and scale of change in the region have been staggering. In the past 20 years, China and India have almost tripled their share of the global economy and increased their absolute economic size almost six times over. By 2025, the region as a whole will account for almost half of the world's output. Many millions of people will have been lifted out of poverty. They will live longer and be better connected to the world."

Asia's development is in turn having and will continue to have a major impact upon the rest of the world. This was evident this past week in other nations' increased interest in the discussions held at the 14th Boao Forum, as this year's conference attracted almost 3,000 attendees from 49 countries.

The BFA plays a significant role in promoting a dialogue about how best to coordinate and facilitate the Asian region's continued growth and development. The annual meeting is modeled after the World Economic Forum that occurs every year in Davos, Switzerland,

The BFA was proposed in 1998 by Fidel Ramos, former president of the Philippines, Bob Hawke and Morihuro Hosokawa, former prime ministers of Australia and Japan, respectively. The BFA was formally initiated in 2001, and the first forum was held in 2002.The forum's home is in Hainan while its secretariat is situated in Beijing. It brings together businesspeople, academics, political leaders and others to discuss the major issues facing Asia and the region. Its goal is to provide greater regional integration and promote cooperation in a world that is becoming increasingly interconnected.