Boao Forum for Asia to carry forward multilateralism, promote cooperation

BEIJING, March 31, 2023 /PRNewswire/ -- A report from People's Daily: The Boao Forum for Asia (BFA) Annual Conference 2023 held its first press conference on March 28, on which the "Asian Economic Outlook and Integration Progress Annual Report 2023" and the "Sustainable Development: Asia and the World Annual Report 2023" were officially released.

Noting that uncertainty remains a prominent character of today's world, BFA Secretary General Li Baodong said that the annual conference hopes to carry forward true multilateralism, practice open regionalism, explore certainty in an uncertain world and promote solidarity and cooperation among countries to better meet challenges through discussions.

According to the Sustainable Development: Asia and the World Annual Report 2023, the weighted real GDP growth rate of Asia in 2023 is estimated to be 4.5 percent, an increase from 4.2 percent in 2022.

The International Monetary Fund predicted that China and India alone would contribute about half of the world's growth this year. For every percentage point of higher growth in China, activity in other economies rises on average by 0.3 percentage point.

Anil Kishora, Vice-President and Chief Risk Officer of the New Development Bank, believes that the Asia-Pacific region, which accounts for 1/3 of the world's population, over 60 percent of the global economy and close to half of global trade, is the most dynamic growth belt in the world.

As the manufacturing center of the world, the region will play a more important role in driving global growth and safeguarding stable industrial and supply chains , he said.

The Asian Economic Outlook and Integration Progress Annual Report 2023 said Asia has played a more proactive and leading role in global macroeconomic policy coordination, and the world has entered the "Asian Moment" for global economic governance.

Zhang Yuyan, director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, said the world today is facing uncertainties, but peace and development still remain the general trend. He believes China and Asia will make the world a more certain place.

Lin Guijun, former vice president of China's University of International Business and Economics (UIBE), told People's Daily that most major economies in Asia had seen increasing dependence on Asian production between 2001 and 2021, which indicated a higher level of regional economic integration.

Institutional opening up mechanisms have been constantly releasing dividends since the Regional Comprehensive Economic Partnership (RCEP) took effect a year ago.

Sang Baichuan, dean of UIBE's Institute of International Economy, said the RCEP has effectively lowered the cost of trade and investment among member countries, and there has been a higher level of economic integration.

As the world's largest regional free trade agreement, the RCEP will continue releasing its dividends, promoting the integration of industrial and supply chains among member countries and becoming an important engine driving economic growth in Asia and the world.