{ "title": "Minding the Gaps to Deliver Prosperity for Asia", "publication": "IMF News, April 10, 2018", "sourceUrl": "https://www.imf.org/en/news/articles/2018/04/10/sp041018-minding-the-gaps-to-deliver-prosperity-for-asia", "canonical": "https://www.imf.org/en/news/articles/2018/04/10/sp041018-minding-the-gaps-to-deliver-prosperity-for-asia", "overlayPath": "/en/news/articles/2018/04/10/sp041018-minding-the-gaps-to-deliver-prosperity-for-asia/index.md", "summary": "Speech by Christine Lagarde, IMF Managing Director, at Boao Forum, Hainan, China, April 10, 2018.", "authors": [ "Christine Lagarde" ], "publishDate": "2018-04-10", "sections": [ { "heading": "Context and framing", "content": "- Speech by Christine Lagarde, IMF Managing Director, at Boao Forum, Hainan, China, April 10, 2018.\n- Opening claim: \"Sixty-six percent of 3.9, times two equals Asia.\" Asia is said to contribute two thirds of global growth, forecast at 3.9 percent, \"this year and next.\"\n- Theme: Close specific gaps to support China's openness strategy, foster inclusiveness, and sustain Asia's contribution to global growth." }, { "heading": "Gap 1 — The digital gap (applied to finance)", "content": "- Key observation: \"The digital gap in Asia is smaller than almost anywhere else in the world.\"\n- Policy-relevant finding: The digital gap can be closed further, including through policies that enable more women to access digital financial services.\n- IMF analysis cited: \"If the gap between the least financially inclusive country in Asia and the median country was narrowed, national GDP per capita could be increased by a full percentage point.\"" }, { "heading": "Gap 2 — The regulatory gap (fintech and systemic risk)", "content": "- Key observation: Asia is experiencing a \"blossoming of fintech industries.\"\n- Risk identified: The rise of fintech is \"revealing regulatory gaps which, if not closed both domestically and on a cross-border basis, can lead to systemic risks.\"\n- Recommendation: \"Transform safely, and be more inclusive!\" — implying the need for updated domestic and cross-border regulatory frameworks to manage fintech-related risks while expanding access." }, { "heading": "Gap 3 — The innovation gap (trade, technology sharing, and IPR)", "content": "- IMF research highlights: Trade contributes to growth and \"identifies how trade facilitates the sharing of technology across borders, especially in emerging markets.\"\n- Structural shift noted: \"Until recently much of the creation of new technology was concentrated in a small number of advanced economies. But that is changing.\"\n- Statistic: \"Two thirds of the world’s industrial robots are to be found in this region, predominantly in Japan, South Korea, and China.\"\n- Strategic recommendation: Use trade to continue sharing innovation so Asia can evolve \"from being an importer of innovation to also being an exporter of innovation.\"\n- Institutional policy point: \"IPR protection for all—Chinese and foreign companies alike—can help ensure that this progress will come through.\"" }, { "heading": "Overall policy stance and priorities", "content": "- Support further opening of sectors (banking, insurance, automotive), removal of caps and barriers, and a more business-friendly environment to encourage innovation and inclusiveness.\n- Prioritize closing three gaps to sustain and enhance Asia's role in global growth:\n - Close the digital gap in financial inclusion, with attention to women's access to digital financial services.\n - Close regulatory gaps around fintech domestically and across borders to prevent systemic risks while enabling transformation.\n - Close the innovation gap by leveraging trade and strengthening IPR protection to foster technology diffusion and domestic innovation capacity.\n\nSpeech: \"Minding the Gaps to Deliver Prosperity for Asia\" — Christine Lagarde, IMF Managing Director; Boao Forum, Hainan, China; April 10, 2018.\n\n---\n\n\n References\n\n- Christine Lagarde\n- People's Republic of China and the IMF\n- Japan and the IMF\n- Republic of Korea and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2018/04/10/sp041018-minding-the-gaps-to-deliver-prosperity-for-asia" } ], "bullets": [ "[Markdown version](/en/news/articles/2018/04/10/sp041018-minding-the-gaps-to-deliver-prosperity-for-asia/index.md)", "[Structured JSON version](/en/news/articles/2018/04/10/sp041018-minding-the-gaps-to-deliver-prosperity-for-asia/index.json)", "[Bundle manifest](/en/news/articles/2018/04/10/sp041018-minding-the-gaps-to-deliver-prosperity-for-asia/bundle-manifest.json)", "Authors: Christine Lagarde", "Published: April 10, 2018", "Speech by Christine Lagarde, IMF Managing Director, at Boao Forum, Hainan, China, April 10, 2018.", "Opening claim: \"Sixty-six percent of 3.9, times two equals Asia.\" Asia is said to contribute two thirds of global growth, forecast at 3.9 percent, \"this year and next.\"", "Theme: Close specific gaps to support China's openness strategy, foster inclusiveness, and sustain Asia's contribution to global growth.", "Key observation: \"The digital gap in Asia is smaller than almost anywhere else in the world.\"", "Policy-relevant finding: The digital gap can be closed further, including through policies that enable more women to access digital financial services.", "IMF analysis cited: \"If the gap between the least financially inclusive country in Asia and the median country was narrowed, national GDP per capita could be increased by a full percentage point.\"", "Key observation: Asia is experiencing a \"blossoming of fintech industries.\"", "Risk identified: The rise of fintech is \"revealing regulatory gaps which, if not closed both domestically and on a cross-border basis, can lead to systemic risks.\"", "Recommendation: \"Transform safely, and be more inclusive!\" — implying the need for updated domestic and cross-border regulatory frameworks to manage fintech-related risks while expanding access.", "IMF research highlights: Trade contributes to growth and \"identifies how trade facilitates the sharing of technology across borders, especially in emerging markets.\"", "Structural shift noted: \"Until recently much of the creation of new technology was concentrated in a small number of advanced economies. But that is changing.\"", "Statistic: \"Two thirds of the world’s industrial robots are to be found in this region, predominantly in Japan, South Korea, and China.\"", "Strategic recommendation: Use trade to continue sharing innovation so Asia can evolve \"from being an importer of innovation to also being an exporter of innovation.\"", "Institutional policy point: \"IPR protection for all—Chinese and foreign companies alike—can help ensure that this progress will come through.\"", "Support further opening of sectors (banking, insurance, automotive), removal of caps and barriers, and a more business-friendly environment to encourage innovation and inclusiveness.", "Prioritize closing three gaps to sustain and enhance Asia's role in global growth:", "[Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)", "[People's Republic of China and the IMF](http://www.imf.org/external/country/CHN/index.htm)", "[Japan and the IMF](http://www.imf.org/external/country/JPN/index.htm)", "[Republic of Korea and the IMF](http://www.imf.org/external/country/KOR/index.htm)", "[Speeches](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2018/04/10/sp041018-minding-the-gaps-to-deliver-prosperity-for-asia/index.md", "json": "/en/news/articles/2018/04/10/sp041018-minding-the-gaps-to-deliver-prosperity-for-asia/index.json", "bundleManifest": "/en/news/articles/2018/04/10/sp041018-minding-the-gaps-to-deliver-prosperity-for-asia/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T21:42:15.806Z" }