Vigorous Asia Drives Global Growth

The Boao Forum for Asia (BFA) Annual Conference 2025, held in Hainan province in south China from March 25 to 28, focused on Asia in the changing world and a shared world, with BFA secretary general Zhang Jun saying a peaceful and vigorous Asia was driving global growth.

Temir Porras, managing director of Global Sovereign Advisory, an international advisory firm, echoed him, saying Asia has been the engine of economic growth for decades now. "The combination of free trade, high-level industries with components of technology, and also a focus on the needs of people are the key for the success of the Asian economies," Porras said.

A report released by the BFA says the weighted real GDP growth rate of Asia is projected to reach 4.5 percent in 2025, an increase from 4.4 percent in 2024.

China and the Association of Southeast Asian Nations are among the most appealing economies in Asia.

Tomoki Izumikawa, director of the business department of the Japan Association for the Promotion of International Trade, said in the context of the increasing uncertainty in the world, it is especially significant for Asians to discuss countermeasures.

Asian countries should work together to maintain the stability of the global supply chain and jointly send out the strongest voice to maintain free trade.

Regional cooperation must be strengthened, according to Kin Phea, director general of the International Relations Institute of the Royal Academy of Cambodia. The Asian economy has made important contributions to world economic growth in the past decades, which proves that win-win cooperation must be based on deeper trade integration, innovation sharing and cultural exchanges.

In recent years, China's sci-tech innovation has blossomed in many areas such as integrated circuits, AI and quantum technology.

Yasiru Ranaraja, founding director of the Belt and Road Initiative Sri Lanka, said China's innovation-driven development model has promoted rapid development in areas such as AI and green energy, showing the world a new development model and providing a successful example for other Global South countries.

Kin Phea echoed his view, commenting that China's innovation benefits not just China but also has a significant impact on global sustainable development.

Many experts at the BFA said that to meet common challenges, countries around the world should strengthen cooperation to promote global governance reform and jointly build a bridge connecting economic and social development.

Frank-Jürgen Richter, chairman of Horasis, a Zurich-based think tank, said international platforms such as the BFA are playing an increasingly important role in improving global governance. Countries can achieve long-term prosperity only by working together to meet challenges, he added.

Source: Science and Technology Daily