The Boao Forum for Asia (BFA) kicked off its annual conference in Hainan, China, gathering over 2,000 representatives from more than 60 countries and regions. While protectionist sentiments rise elsewhere, Asia is striking a positive tone for growth and cooperation.
This year’s theme centers on Asia’s shared future in a changing world. A report released at the forum highlights that “Asia has remained a key growth engine for the world economy” despite global uncertainties. The continent’s share of global GDP is projected to rise from 48.1% in 2024 to 48.6% in 2025.
Asia’s commitment to openness and free trade sets it apart. Chinese Vice Premier Ding Xuexiang emphasized the importance of safeguarding the free trade system and firmly opposing protectionism during his keynote speech.
Concrete actions back these words. The Regional Comprehensive Economic Partnership (RCEP), comprising 15 Asian economies, is the world’s largest free trade agreement by GDP. It’s seen as a pathway for economic globalization and an anchor for global free trade. Despite global trade headwinds, the region’s total trade value increased by about 3% last year.
“Asia’s future in the shifting global landscape is inspiring and full of promise,” said Dino Otranto, CEO of Australia’s Fortescue Metals, at the forum.
Amid trade tensions and geopolitical uncertainties elsewhere, foreign investments are increasingly looking to Asian economies. The continent is at the heart of global value chains, accounting for 41.17% of global trade in intermediate goods. Asia produces 70% of the world’s electronic components, showcasing its competitive edge in high-tech manufacturing.
China remains a key destination for foreign investors. Despite trade frictions, many international entrepreneurs attended the China Development Forum in Beijing, reflecting confidence in the Chinese market. “No matter how the external environment changes, China will open wider to the world,” Ding reaffirmed at the BFA.
Economist Zhang Yuyan noted that Asia will play a crucial role in global economic stabilization. “Asia, as a key driver of the world economy, is set to benefit from global economic stabilization in 2025 and will also contribute to this stability,” he said.
While some regions grapple with protectionism and anxiety, Asia’s open attitude toward globalization offers a contrasting narrative. The optimism felt at the Boao Forum reflects a commitment to cooperation and shared prosperity.
As the world navigates uncertainties, Asia’s forward-looking approach and emphasis on openness may serve as a beacon for global growth, especially for the youth who will shape the future.
