Amid West's anxieties, Asia strikes a positive tone for growth

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Over 2,000 representatives from more than 60 countries and regions are gathering in Hainan, China, as the Boao Forum for Asia (BFA) kicked off its annual conference on Tuesday.

While rising protectionist sentiments have heightened anxieties in Davos and Munich, the BFA, which addresses Asia's shared future in a changing world, has adopted a relatively optimistic tone this year.

"Asia has remained as a key growth engine for the world economy" despite global uncertainties, reads the Asian Economic Outlook and Integration Progress Annual Report released on the first day of the forum. According to the report, the ratio of Asia's GDP to the global total at purchasing power parity is projected to rise from 48.1 percent in 2024 to 48.6 percent in 2025.

Such an estimate is unsurprising considering the continent's continuous commitment to openness and cooperation.

"We should jointly safeguard the free trade system, uphold open regionalism, and firmly oppose trade and investment protectionism," Chinese Vice Premier Ding Xuexiang said during his keynote speech at BFA on Thursday.

Talking is easier than doing, and Asia is taking concrete actions for free trade and further opening-up.

For instance, the Regional Comprehensive Economic Partnership (RCEP) is the world's largest free trade agreement by members' GDP. Comprising 15 Asian economies, the RCEP is seen as an institutional pathway for economic globalization and an anchor for global free trade.

After years of its implementation, the region's total trade value experienced a year-on-year increase of approximately 3 percent last year – an impressive figure against the global trade headwinds. According to the International Monetary Fund's estimation, the RCEP region's GDP will increase by $10.9 trillion from 2023 to 2029, contributing more than 40 percent of global economic growth.

"Asia's future in the shifting global landscape is inspiring and full of promise," Dino Otranto, CEO of Australia's mining giant Fortescue Metals, said at the forum.

Against the backdrop of trade frictions and geopolitical tensions in the rest of the world, foreign investments have become increasingly reliant on Asian economies.

According to Tuesday's report, the continent is at the heart of global value chains.

In 2023, Asia accounted for 41.17 percent of global trade in intermediate goods, significantly surpassing the European Union's 25.5 percent and North America's share of 15.12 percent. Asia produces 70 percent of the world's electronic components, demonstrating its unparalleled competitive advantage in manufacturing high-tech intermediate goods.

Among Asian countries, China, according to the BFA report, is the center of global manufacturing value chains and remains one of the most appealing destinations for foreign investors.

Despite the White House's tariffs and sanctions against China, many American entrepreneurs flocked to Beijing for the China Development Forum over the weekend, demonstrating foreign investors' confidence in the Chinese market.

"No matter how the external environment changes, China will open wider to the world," Ding said at the BFA on Thursday.

While rising unilateral and protectionist sentiments in some Western countries have raised new concerns and anxieties, China and other Asian countries are committed to building an open economy based on cooperation and shared prosperity.

"Asia, as a key driver of the world economy, is set to benefit from global economic stabilization in 2025 and will also play a crucial role in contributing to this stability." Zhang Yuyan, an economist and a Chinese Academy of Social Sciences research fellow, said at the forum.

The world needs a more open and inclusive economy for a shared future. Asia's open attitude toward globalization explains the positive tone felt at the BFA compared to the anxieties in Davos and Munich.

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