BOAO, China, March 25 (Xinhua) -- Political and business leaders worldwide are gathering in Boao, a coastal town in southern China's Hainan Province, for the Boao Forum for Asia Annual Conference 2025 running from March 25 to 28.

Amid rising global economic fragmentation and geopolitical tensions, the forum, themed "Asia in the Changing World: Towards a Shared Future," serves as a critical platform for fostering regional cooperation, driving global economic growth and strengthening the region's role in global governance.

As Asia plays a bigger role in global growth, discussions are centering on how the region can help navigate challenges and drive sustainable development, with participants recognizing Asia as the world's growth engine and highlighting regional coordination, economic inclusivity and technological advancements as key drivers in addressing economic uncertainties and building up momentum for growth.

GROWING INTEGRATION

Founded in 2001 and headquartered in Hainan, the forum has long been a platform for regional dialogue, but its role is evolving as Asian economies become more integrated. "Fast-growing South-South trade and investment is making the Boao Forum for Asia relevant beyond the boundaries of Asia," said Denis Depoux, global managing director at Roland Berger, a Germany-based consultancy.

Often referred to as the "Asian Davos," the forum brings together political and business leaders to discuss trade, investment and technology, with growing participation from Global South countries in recent years.

"The forum highlights the power of partnership through its ability to create space for exchanging ideas, building relationships and collectively shaping the future of Asia," said Dino Otranto, CEO of Australia's mining giant Fortescue Metals.

In an increasingly uncertain economic environment, Asia remains a key growth engine for the world economy. According to a report released by the forum, real GDP growth in Asia is projected to rise from 4.4 percent in 2024 to 4.5 percent in 2025, while the region's share of global GDP is expected to increase from 48.1 percent to 48.6 percent at purchasing power parity in the same period.

The growth not only highlights Asia's economic dynamism but also its role as a stabilizing force in a world where traditional economic powerhouses face mounting challenges.

Given complex geopolitical and economic dynamics, multilateralism, governance and development have become hot topics of discussions at the forum. "These terms are critical in shaping a more stable and prosperous regional landscape amid evolving global challenges," said Anna Malindog-Uy, vice president of Asian Century Philippines Strategic Studies Institute, a think tank in Manila.

ASIA'S POTENTIAL

The Regional Comprehensive Economic Partnership (RCEP), comprising 15 Asia-Pacific countries, has emerged as a powerful force in bolstering regional economic integration. The International Monetary Fund has projected that from 2023 to 2029, the RCEP region's GDP will grow by 10.9 trillion U.S. dollars, contributing over 40 percent to global economic growth.

The integration of Asian supply chains has accelerated, driven by the need for greater competitiveness and resilience, Depoux said.

"Asia's future in the shifting global landscape is incredibly exciting and full of promise," Otranto said. "It's not just about economic growth, but also about Asia leading the way in areas like innovation, technology and sustainability."

As global trade and supply chains evolve, Asia's role in driving advancements in artificial intelligence (AI), green energy and digital transformation will undoubtedly be critical, he added.

Take DeepSeek, a representative Chinese startup in the AI sector that attests to Asia's growing innovation capacity. Its latest R1 model outperforms many of the world's top AI developers across a variety of benchmarks, drawing significant attention from Silicon Valley. This breakthrough showcases Asia's growing technological prowess in advanced fields, notably AI.

Technological innovation has become a key driver of Asia's sustainable transformation. From solar panels stretching across China's western Gobi Desert to smart city networks leveraging digital twin technology in ASEAN countries, Asia is reshaping its development model with cutting-edge technologies, said Wu Xiaochen, vice president of the Hainan Research Academy of Environmental Sciences.

Meanwhile, experts at the forum stressed the importance of attuning technological progress to environmental responsibility. They called for stronger policies to ensure that businesses align their innovations with sustainable growth objectives.

CHINA'S ROLE

Asia, particularly China, is seen as a key driver of global growth. The world's second-largest economy is restructuring by prioritizing high-end manufacturing, digital development and green industries, bringing new opportunities for Asia and beyond.

As a key pillar of Asia's development, China is pivotal to rebalancing globalization, inclusive growth and regional economic integration, said Zhang Jun, secretary general of the Boao Forum for Asia.

"China's rapid advancements in digitization, green transition and AI have positioned it as a key driver of global sustainable development," said Malindog-Uy. "Through cutting-edge research, large-scale industrial transformation and international collaboration, China's innovation-driven approach benefits global cooperation and economic progress."

By fostering global partnerships in green energy, digital infrastructure and smart industries, China plays a crucial role in shaping a more resilient and interconnected global economy, she added.

Through multilateral cooperation, China is injecting "Asian momentum" into global growth, translating regional experiences into viable ways for global governance, said Chi Fulin, head of the China Institute for Reform and Development. Enditem

Related

Go to Forum >>0 Comment(s)