Editor's note: Matteo Giovannini is a finance professional at the Industrial and Commercial Bank of China in Beijing and a member of the China Task Force at the Italian Ministry of Economic Development. The article reflects the author's views, and not necessarily those of CGTN.

International conferences and forums have traditionally been created with the purpose of offering a platform where leaders from government, business and academia can not only share their own perspectives and knowledge but also find valuable solutions to current global issues.

Established at the dawn of the 21st century, the Boao Forum for Asia (BFA) is commonly known as the "Asian Davos," and it is modeled on the World Economic Forum held annually in Switzerland. It is a non-governmental, non-profit international organization based in South China's Hainan Province and focused on promoting economic integration in the world's most dynamic and diverse region.

On March 28, a press conference unveiled an official report that pointed out the growing role of Asia on the global stage and stated that global economic governance had entered an "Asian Moment."

As the rest of the world remains fragmented, the overall recovery of the Asian economy will be characterized by more trade and production and by more investment and financial integration.

An expected growth rate of 4.5 percent for the Asian economies in 2023 will make the region a bright spot in the context of the world economic slowdown, with China playing a key role, considering that for every percentage point increase of its economic growth the rest of Asia will boost the output by about 0.3 percent.

The announced presence at the forum of Spain's Prime Minister Pedro Sanchez and Singapore's Prime Minister Lee Hsien Loong, in addition to Malaysia's Prime Minister Datuk Seri Anwar Ibrahim and Prime Minister of Côte d'Ivoire Patrick Achi can be seen as a confirmation by nations of the importance that the Asia-based international gathering has assumed over the years as well as a recognition of China's ever-growing role in the world. 

The visit made by the Prime Minister of Spain assumes greater significance when one considers that he will be the second leader of a European country, after Chancellor Olaf Scholz in November 2022, to go to China since the start of the COVID-19 pandemic.

The upcoming visit of European Commission President Ursula von der Leyen, who will travel together with French President Emmanuel Macron, manifests a coordinated effort from the world's largest trading block to increase trade with China in an attempt to unfreeze the remaining obstacles for the approval of the China-EU Comprehensive Agreement on Investment.

A significant upgrade in economic ties with China represents a goal even for major ASEAN countries. The recent visits to China of leaders from Vietnam, the Philippines and Cambodia demonstrate how much member states in Southeast Asia value relations with China.

The week-long visit to China of Singapore's Prime Minister Lee Hsien Loong could lead to the commitment of an increase in trade volume given the strategic importance of Singapore that is located at the heart of Southeast Asia and offers global connectivity for the fast-growing markets of the Asia-Pacific region.

The two nations could discuss further improvements in financial cooperation, after the recent establishment of cross-border capital markets linkages, as a way to support small and medium-sized enterprises that play a critical role in the broader economic recovery.

Similarly, the trip to China of Malaysia's Prime Minister Datuk Seri Anwar Ibrahim is an opportunity to reinforce a good neighborly relationship, based on a millennial friendship, and to confirm the country's commitment as a trusted trade partner in the Belt and Road Initiative (BRI).

Last, the visit of the Prime Minister of Côte d'Ivoire, Patrick Achi, is important as it underlines the strong bond between China and Africa. The fact that China is Côte d'Ivoire's largest bilateral financing partner, and the third largest trading partner could serve in developing cooperation on infrastructure projects in the African country, while the high-level meeting will also help to promote Côte d'Ivoire's agricultural exports to China.

The presence of the newly appointed Chinese Premier Li Qiang at the opening ceremony of the Boao Forum for Asia Annual Conference 2023 and his scheduled keynote speech on March 30 is a clear sign of how economic growth and regional economic integration dominate the agenda of this edition of the "Asian Davos."

As nations worldwide implement monetary and fiscal responses in an attempt to quickly recover from the impact of the pandemic and from the consequential disruptions to global value chains, platforms for high-level dialogue that promote economic exchange and cooperation within Asia and between Asia and the rest of the world must be commended.

In this regard, the timing of the 2023 Boao Forum for Asia could not be better.

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