Boao Forum reports: Asia to continue driving global economy and clean energy, led by China

Li Baodong (right), secretary-general of the Boao Forum for Asia, presents two reports on Asia’s economic outlook and sustainable development at the Boao Forum for Asia Annual Conference 2024 in Boao, south China’s Hainan Province, March 26, 2024 (Photo/People's Daily Online)

Asia will continue to be the engine of global economic growth and the driving force for clean energy in 2024, with China leading the way, according to two flagship reports released March 26 at the ongoing Boao Forum for Asia Annual Conference 2024.

The reports, titled "Asian Economic Outlook and Integration Process Annual Report 2024" and "Striding Toward Zero-Carbon Electricity Era and Bolstering Green Development in Asia," were presented to the public by Li Baodong, secretary-general of the Boao Forum for Asia.

The Asian Economic Outlook report forecasted that the global economy will continue to encounter uncertainties and divergences in 2024. Additionally, the Asian economy, while grappling with a challenging external environment, also needs to address some internal challenges.

Nevertheless, Asia's economic growth and regional integration will maintain strong momentum, promising an optimistic overall performance ahead, according to the report.

The report further showed that the Asian economy is expected to maintain a relatively high growth rate, accounting for 49 percent of the world's GDP in 2024.

“Despite facing various external economic challenges, the Asian economy will still maintain a relatively high growth rate. Supported by relatively strong consumption and proactive fiscal policies, the growth rate is expected to surpass that of 2023, reaching around 4.5 percent, thus continuing as the largest contributor to global economic growth,” the report said.

The report covered a range of issues, including employment, individual income, consumer prices and inflation, tourism, trade and investment, and regional economic integration, among many others.

The other report, focusing on sustainable development, emphasized the continent's potential for a shift to renewable energy. Notably, it highlighted China's role as a leader among Asian countries in making significant investments in this sector.

The two annual reports are pictured at the Boao Forum for Asia Annual Conference 2024 press center in Boao, south China’s Hainan Province, March 26, 2024 (Photo/People's Daily Online)

China contributes more than 50 percent of Asia's installed power generation capacity and about 70 percent of Asia's green power installed capacity, according to the report. Additionally, China's installed power capacity saw rapid growth from 2013 to 2022.

Moreover, the report stated that Asia's installed power capacity continues to expand, with investments in renewable energy rising, and solar and wind energy becoming the primary focus areas for renewable development in the region.

As of the end of 2022, Asia's installed power generation capacity had reached 4.5 billion kilowatts, an increase of 1.94 billion kilowatts from 2013, with an average annual growth rate of 5.8 percent, as per the report.