Participants take notes at a sub-forum of the Boao Forum for Asia 2024 annual conference titled “Accelerating Transition toward Zero-Carbon Power” in Qionghai, South China’s Hainan Province on March 26, 2024. Photo: VCG
The Boao Forum for Asia (BFA) convened its annual conference in Boao, South China’s Hainan Province on Tuesday, with officials and other participants calling for unity and cooperation in Asia and around the world to jointly tackle rising regional and global challenges, ranging from trade protectionism to geopolitical tension.
In a flagship report released on Tuesday, the BFA, which is often referred to Asia’s version of the World Economic Forum in Switzerland, projected a substantial upswing in economic growth of around 4.5 percent in 2024 and that Asia’s economic integration remains unchanged, while warning of challenges. The report pointed out China’s major contribution to global economic growth with its vast market, highlighting China’s critical role in not just Asia, but also the world.
This year’s BFA drew representatives from more countries and regions than last year’s edition, underscoring the rising influence of not just the BFA itself, but also the host nation – China. Many foreign guests in Boao highlighted China’s solid economic fundamentals and improving business environment, echoing a resounding message from global business executives at the China Development Forum (CDF) in Beijing that concluded just a day before the BFA opened.
The BFA and the CDF are two back-to-back forums held by China after the two sessions, the annual meetings of the top legislature and top political advisory body, where it set social and economic development goals for the year. The high-level forums are a critical window for global CEOs to gauge China’s economic outlook and policy priorities. They are also a reliable barometer for China’s attractiveness among countries and regions and multinational corporations.
This year’s BFA annual conference will be attended by nearly 2,000 representatives from more than 60 countries and regions, Li Baodong, secretary general of the BFA, said at a press conference on Tuesday morning, which officially kicked off the four-day event. While the number of participants is about the same as that of last year’s meeting, the number of countries and regions represented increased to more than 60 from last year’s number of about 50.
At the press conference, the BFA released two flagship annual reports: one on the Asian Economic Outlook and Integration Progress and the other on sustainable development in Asia, setting the stage for dozens of panel discussions on topics ranging from economic development to technological innovation.
“In 2024, global economic turbulence and divergence will persist. Faced with a severe external environment, many Asian economies will also encounter significant internal challenges. Nevertheless, the region’s economic growth and regional integration continue to show promising momentum,” the Asian Economic Outlook report said, projecting a “substantial” growth of 4.5 percent in 2024.
The report also noted that the overall trend of merchandise trade integration advancing among Asian economies remains unchanged, while also calling for collaboration on common challenges of various uncertainties, in line with the theme of this year’s annual conference: “Asia and the World: Common Challenges, Shared Responsibilities.”
“The problems the world currently faces are numerous and complex. Only when the international community jointly meets the challenges, shoulders responsibilities and strengthens cooperation can the world remain on the track of peace and prosperity,” Li said at the press conference.