Boao Forum for Asia plans better future for Asia, world

At the Boao Forum for Asia (BFA) Annual Conference 2024, participants discussed the development of Asia and the world, contributing wisdom and strength to regional and global peace, stability, and prosperity. They believe that carrying out pragmatic cooperation for win-win results is an inevitable choice for Asian countries to achieve sustainable development.

As an important country in Asia, China steadfastly promotes high-level opening-up, leads high-quality development with new quality productive forces, and actively advances regional cooperation, making significant contributions to building a bright future for Asia and the world.

Photo shows the Boao Forum for Asia International Conference Center in south China's Hainan province. [People's Daily Online/Yang Zhongkai]

Ban Ki-moon, chairman of the BFA, said that when the world economy was recovering slowly and protectionism was on the rise, China and other developing countries stayed committed to addressing development issues and promoting international cooperation, injecting impetus into world economic growth and common development.

A series of major initiatives put forward by China, including the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative are in line with the general trend and aim to promote win-win cooperation among partners, he added.

Countries must continue to unite and achieve synergy among all parties, said Lee Hee-sup, secretary-general of the Trilateral Cooperation Secretariat. Over the past a few decades, China has been driving global economic growth, particularly in the East Asian region, the secretary-general noted.

He stressed that cooperation mechanisms such as the "10+3" cooperation mechanism (ASEAN plus China, Japan and the Republic of Korea), the ASEAN Regional Forum, the Asia-Pacific Economic Cooperation, and the Regional Comprehensive Economic Partnership, the world's largest free trade agreement, are valuable assets for the development of Asia and the world.

The Chinese government has implemented numerous measures to attract foreign investment, making the Chinese market highly appealing to foreign companies, said Andrew Forrest, executive chairman of Australian iron ore giant Fortescue Metals Group.

He further emphasized that Asia's economic growth and regional economic integration continue to exhibit strong momentum, making Asia a crucial force driving global development and cooperation.

Guests walk into the main venue of the Boao Forum for Asia Annual Conference 2024, March 28, 2024. [People's Daily Online/Meng Zhongde]

In terms of purchasing power parity, Asia's economic aggregate is expected to account for 49 percent of global GDP in 2024, said Zafar Uddin Mahmood, policy advisor to the secretary general of BFA. Asia, as the most populous continent in the world, is witnessing even closer cooperation among its countries, which will further unlock its growth potential, Mahmood added.

Innovation serves as the primary driving force. China leads industrial innovation through technological advancements, actively nurtures and develops new quality productive forces, and promotes high-quality development, playing an active role in building shared prosperity for Asia and the world.

According to Michele Geraci, former undersecretary of state at the Italian Ministry of Economic Development, economic growth is closely related to technological innovation. China is accelerating the development of new quality productive forces, making innovation a new engine driving its development, which is a necessary step for all economies to achieve sustainable development, Geraci said.

Ban stated that China's economy is transitioning from high-speed growth to high-quality development. With the help of technological advancements brought by new quality productive forces, China's development will become more balanced, inclusive, green, and open.

How Asia achieves energy transition and low-carbon development is crucial for the future sustainable development of all countries. China, through its own development, has provided support and assistance to other developing countries in achieving sustainable development, earning widespread recognition.

Frank Rijsberman, director-general of the Global Green Growth Institute, said that China's experience and technology in environmental governance can serve as a valuable reference for other Asian countries. China's strengthened green cooperation with neighboring countries in terms of technology and financing will contribute to these nations' achievement of sustainable development.

Shi Bing, vice president of China General Nuclear Power Group, said China will continue to share its advantageous technologies and experiences in developing clean energy, and strengthen grid interconnectivity with other Asian countries, to promote the development and utilization of renewable energy in Asia, thus accelerating global green and low-carbon transformation.