Global Times: Calls for closer cooperation resonate at Boao forum amid uncertainties

Associated Press

26-03-2025

BEIJING, March 26, 2025 /PRNewswire/ -- A steady stream of buses, each adorned with the logo of Boao Forum for Asia, flows through the bustling streets, packed with government officials, industry representatives and journalists from around the world. As they converge on the prestigious Boao Forum for Asia (BFA) Annual Conference 2025, which takes place from Tuesday to Friday, in Boao, South China's Hainan Province, the air is charged with anticipation, signaling the grand opening of this high-level event - an extraordinary gathering where ideas, influence and innovation collide on a significant scale.
This year's forum holds special significance, particularly amid the rise of global protectionism. On the first day of the Boao Forum for Asia, themed 'Asia in the Changing World: Towards a Shared Future,' government officials, business leaders, and scholars worldwide called for stronger cooperation among Asian nations. They also highlighted China's crucial role in enhancing regional collaboration, contributing to global stability and creating new opportunities for development in an increasingly uncertain world.
According to preliminary statistics, this year's annual conference has attracted around 2,000 representatives from over 60 countries and regions, along with more than 1,100 journalists from nearly 150 media outlets across 30 countries and regions. This strong turnout underscores the world's keen attention on this major regional and international event.
At Tuesday's session, former UN Secretary-General Ban Ki-moon and chairman of the BFA, stated that the event, with both the scale and the level of participation, serves as a strong testament to the significance of free trade and globalization.
Ban noted that while global trade is still far from being 100 percent free, it has significantly expanded the global economic pie and lifted hundreds of millions of people out of poverty and hardship. He emphasized that the future of the world depends on how open and inclusive economies can be, which underscores the undeniable importance and benefits of free trade.
Speaking on the sideline of the BFA, Zhou Xiaochuan, vice chairman of the BFA and former Governor of the People's Bank of China, said that at the start of the new year, the global situation rapidly shifted. Political, security, economic, and technological factors are intertwining and interacting, presenting new challenges to the international order.
With increasing instability and uncertainty, 2025 will be a year for all parties to face challenges together and seek transformation, Zhou noted.
Voice of Asia
In the current complex international landscape, the critical role of Asia was particularly highlighted at this event.
Zhou said that in light of the immense changes in the world, proactively shaping Asia's future has become a major and urgent task for Asian countries.
He further noted that Asian nations must actively promote regional economic integration and shape an inclusive, equitable form of economic globalization. Asian countries need to unite in opposing unilateralism and trade protectionism, and uphold true multilateralism, the vice chairman said.
Zhou suggested that efforts should be focused on advancing the implementation and expansion of free trade agreements such as the RCEP and the CPTPP, while pushing to reshape the multilateral trading system and its rules, thus injecting endogenous momentum into the rebalancing of globalization.
Zhou concluded by expressing hope that the annual conference would provide a platform for exploring the 'Asian solution,' voicing 'Asia's perspective,' and working together to build a shared future for Asia and humanity.
In a speech addressed to the audience at Tuesday's session, John Lee Ka-chiu, chief executive of the Hong Kong Special Administrative Region, said that Boao is a beacon for dialogue and cooperation.
Lee noted that we are currently facing unprecedented challenges, which have left many people at a loss, but within these challenges lie opportunities, as Asia is now the engine of global growth. He noted that it is crucial that we promote multilateralism while firmly rejecting protectionism.
Lord Gerry Grimstone, former UK minister for investment, who also participated in Tuesday's event, noted he believes that 'countries in Asia have an important role to play in ensuring that the spirit of multilateralism continues, because if we enter an era of pure nation-state competition, no one will benefit from it.'
The growing importance of Asia is further underscored by the latest economic data. According to the Asian Economic Outlook and Integration Progress Annual Report 2025, released by the Boao Forum for Asia on Tuesday, the Asian economy, one of the world's major growth engines, is projected to grow by 4.5 percent in 2025, with its share rising to 48.6 percent among the world's economic output measured by purchasing power parity.
At the opening press conference on Tuesday, Zhang Jun, secretary general of the BFA, said that Asia is at the forefront of global development in many areas, showcasing a bright future.
'The world has every reason to be hopeful about Asia's future, and Asia also has every reason to be confident about the future of the world,' Zhang said.
China the stabilizer
Amid global complexity, China's role as a leading economy in Asia and the world is highlighted, serving as a stabilizer of world trade while creating more opportunities for cooperation in the region and beyond.
Pei Sai Fan, a visiting professor at the National University of Singapore, shared in an interview with the Global Times and other media outlets that as China's doors of openness continue to widen, there will be more opportunities for cooperation between China and Singapore.
Pei believes that new energy and the green economy are key areas for China-Singapore collaboration. He noted that China is at the forefront of global development in these fields, while Singapore is actively promoting its green transition. He emphasized the need for both sides to strengthen analysis and explore broader cooperation opportunities.
When asked to comment on potential cooperation between China and Singapore in the field of artificial intelligence, Pei responded that AI development has reached a stage where it is essential to accelerate the exploration of diversified application scenarios.
China expects to achieve a GDP growth of around 5 percent this year, which is a strong result, especially considering China's economy is more than $18 trillion, reflecting a high degree of confidence to the world, Michele Geraci, former undersecretary of state at the Italian Ministry of Economic Development, and a director of the New Multipolar World Institute, told the Global Times on Tuesday, extending good expectations for the Chinese market and its economy.
Helwig Schmidt-Glintzer, a professor at the University of Göttingen in Germany, also shared his positive expectations for China with the Global Times on Tuesday, citing the nation's continuous efforts to pursue high-quality development. He said, 'China is already one of the leading research countries in scientific fields, offering opportunities for others to cooperate with and learn from China.''
Anne-Laure Kiechel, CEO of Global Sovereign Advisory, a Paris and Abu Dhabi-based firm, told the Global Times on Tuesday that this is her first time at the forum, and she is already amazed by the very positive energy she has witnessed. She was particularly impressed by the fact that industry innovation and investment are always at the forefront in China.
'Our company has done a lot of business related to areas such as trade and investment, including in free trade zones like the one in Hainan, which has been very successful and holds much more potential for the future.'
In light of global instability, the Boao Forum has proven to be a consistent and more inclusive platform compared to other forums, Yasiru Ranaraja, founding director of the Belt and Road Initiative Sri Lanka, told the Global Times on Tuesday.
While the future remains uncertain, Ranaraja said that Asia, with China playing an important role, is becoming more prosperous and resilient in the face of these challenges.
'Now is the time for the region to further consolidate trust, strengthen market ties, and inject more stability into the global economic future,' Ranaraja said.