CGTN: How Boao Forum for Asia fosters shared development in Asia and beyond

CGTN published an article on the Boao Forum for Asia Annual Conference 2026, highlighting Asia's positive economic outlook and its crucial role in global growth. Showcasing China's efforts to strengthen regional and multilateral collaboration, the article underscores the forum's importance as a platform for dialogue and cooperation, and highlights the need for Asian countries to work together to address shared challenges and build a better future.

Asia's positive economic outlook took center stage at the Boao Forum for Asia (BFA) Annual Conference 2026. Its flagship report, The Asian Economic Outlook and Integration Progress Annual Report 2026, projects the region's GDP to grow by 4.5% in 2026, reinforcing Asia's role as a key engine of global growth.

Confidence in Asia's prospects was further underscored by the robust participation of political and business leaders from around the world at the conference in Boao, south China's Hainan Province. Attendees gathered to gain deeper insights into China's trade and investment policies and explore opportunities in the world's second-largest economy.

Addressing the plenary, Zhao Leji, chairman of the National People's Congress Standing Committee, described the forum as a prestigious platform for promoting exchanges, collaboration and common development among Asian nations and the wider world. He noted that China stands ready to work with all parties to inject greater vitality and stronger impetus into the region's development.

Enhancing cooperation amid shared challenges

According to the flagship report, Asia's share of global GDP (in purchasing power parity terms) is expected to rise from 49.2% in 2025 to 49.7% in 2026, reaffirming its central role in the world economy. Meanwhile, intra-regional trade dependence increased from 56.3% in 2023 to 57.2% in 2024, signaling deepening economic integration.

In contrast, the global economy faces a sluggish recovery, rising unilateralism and protectionism, and mounting pressure to restructure industrial and supply chains. The Organization for Economic Co-operation and Development (OECD) projects global growth to slow to 2.9% in 2026, down from 3.3% in 2025.

In a virtual keynote speech, Kim Min-seok, South Korea's prime minister, called for greater solidarity among Asian countries in the face of uncertainty driven by regional conflicts, technological disruption, supply chain shifts and demographic changes.

Over the past decades, Asian economies have strengthened regional cooperation and advanced along a path of mutual benefit. In 2025, trade between China and the Association of Southeast Asian Nations (ASEAN) reached 7.55 trillion yuan (around $1.99 trillion), up 8% year on year, according to the General Administration of Customs of China (GACC).

Chi Fulin, president of the China Institute for Reform and Development, noted that this growth reflects increasingly close ties between China and ASEAN under the framework of the Regional Comprehensive Economic Partnership (RCEP).

Sharing opportunities for a better future

At China's annual Two Sessions in March, the country sent a clear signal of its commitment to opening-up, multilateral cooperation and mutual benefit. In 2025, China's total goods imports reached a record 18.48 trillion yuan, accounting for roughly 10% of the global total and reinforcing its position as the world's second-largest import market, according to GACC.

China continues to translate the advantages of its vast domestic market into opportunities for global businesses. With an average annual growth rate of 5.4% and an economy exceeding 140 trillion yuan, it contributes around 30% of global growth and remains a vital engine of the world economy, Zhao said.

Meanwhile, China's push to develop new quality productive forces - particularly in artificial intelligence and robotics - is creating fresh opportunities across industries. A range of intelligent robots showcased at the forum drew significant attention from participants.

In his remarks, Singaporean Prime Minister Lawrence Wong said China is contributing to global development through its growing strength and taking on greater responsibilities in the international system. He added that Singapore remains confident in China's long-term prospects and supports its deeper participation in regional economic frameworks.

Marking its 25th anniversary and coinciding with the launch of China's 15th Five-Year Plan (2026-2030), the forum comes at a pivotal moment. In his speech, Zhao called on participants of the forum to forge ahead with concerted efforts and enhance cooperation to address global challenges, bring win-win results and create a better future.

https://news.cgtn.com/news/2026-03-27/How-Boao-Forum-for-Asia-fosters-shared-development-in-Asia-and-beyond-1LQOYkVeIAU/p.html
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