Boao Forum for Asia | People from multiple countries look forward to the world and China working together to write a new chapter in economic cooperation

Boao, Hainan, March 29th (Xinhua) - People from multiple countries expect the world and China to work together to write a new chapter in economic cooperation

Xinhua News Agency reporter

The Boao Forum for Asia concluded its annual meeting on the 29th of 2024 in Boao, Hainan. During the 4-day forum, global political and business professionals discussed development paths and gathered consensus on cooperation.

At present, the international situation is turbulent and ever-changing, the world economy is sluggish and hovering, and global trade is being impacted by fragmentation... Overseas guests and international observers attending the Boao Forum for Asia stated that China's economic development is constantly improving and upgrading, with strong momentum, demonstrating strong resilience and certainty. The world looks forward to listening to China's voice, learning from China's solutions, and working together to create new opportunities for win-win outcomes.

Provide endogenous driving force for economic growth through innovation and integrated development

"I came to China in 1976 and saw China's development and changes," said Zafar, Policy Advisor to the Secretary General of the Boao Forum for Asia, who recently shared his years of experience in China with attendees.

"While China is developing rapidly, it can ensure green, innovative, and high-quality development, which is worth learning from around the world," sighed Zafar.

Entering the forum annual meeting, groups of figures outlining the achievements of China's innovation and integrated development have been mentioned multiple times: in 2023, China's new energy vehicle production and sales accounted for more than 60% of the global proportion, the 5G user penetration rate exceeded 50%, and the export of electric vehicles, lithium batteries, and photovoltaic products increased by nearly 30%. The new trend, new highlights, and new momentum of China's accelerated development of new quality productivity have attracted world attention.

"China proposes to accelerate the development of new quality productive forces, not only by using disruptive and cutting-edge technologies to give birth to new industries, models, and driving forces, but also by integrating scientific and technological innovation achievements into existing traditional industries. This transformation is beneficial for China to improve total factor productivity and shape new development advantages," said Deloitte China Chairman Jiang Ying.

"Continuously developing new quality productivity, investing in China, artificial intelligence+, and future industries, developing 'new three types of' industries, and accelerating towards zero carbon electricity..." Experts and overseas participants at the conference stated that China continues to promote high-quality development, effectively enhancing the endogenous driving force of economic growth through innovation integration transformation, digital intelligence empowerment, and green and low-carbon development.

"Focusing on innovation and green transformation is positive," said Tuli McCally, Senior Researcher at the Emerging Economy Research Institute of Bank of Finland. "New quality productivity focuses on disruptive innovation in the field of technology and multiple industries, and this concept has the potential to bring new opportunities for China's economic development and global cooperation."

During an interview with Xinhua News Agency, Yong Zhantarangsi, the representative of Laos at the ASEAN Intergovernmental Committee on Human Rights, stated that China's economy is steadily moving towards high-quality development and transitioning towards an economic model that places greater emphasis on productivity, efficiency, and quality. The green and high-quality development of China's economy will help drive the common development of ASEAN countries and inject green energy into regional development.

 

Hedging the risk of international trade fragmentation through open and pragmatic cooperation

"Without China, all of this would be impossible," Mark Carney, co chairman of the Glasgow Net Zero Financial Alliance, affirmed China's role as a "stabilizer" for the Asian economy in his video speech at the "Deepening Asian Financial Cooperation" sub forum. In the view of the participants, in the face of global challenges, it is necessary to strengthen international cooperation and also require China's deep participation.

The trend of anti globalization in the world is rising, geopolitical games are intensifying, and global trade is facing the impact of fragmentation. Guests at the meeting said that China has insisted on expanding high-level opening up, maintaining the stability of the global industrial chain supply chain value chain, promoting high-quality co construction of the "the Belt and Road", taking deep and practical measures, and constantly releasing the win-win dividend of opening up and the determination of practical development.

Marcella Bella, a scholar at the University of Santiago, Chile, said that the initiative of jointly building the "the Belt and Road" proposed by China helped developing countries improve their infrastructure and build a solid productive foundation. "This cooperation is not simply to trade raw materials, but to help developing countries make better use of resources and create more added value".

According to Bai Lefu, Chief Economist of the Asian Infrastructure Investment Bank, China has played an important driving role in the shift of focus from the global value chain to emerging economies. "Nowadays, joining the global value chain is easier: there is no need to manufacture a complete vehicle, as long as a component is produced, one can become a member of this value chain."

Akhtar, former Deputy Secretary General of the United Nations and Executive Secretary of ESCAP, believes that the "the Belt and Road" initiative helps underdeveloped countries or least developed countries develop infrastructure and obtain more equitable opportunities, and reduces the impact of their unfavorable position under the influence of trade and geopolitics.

"When some countries turn to trade protectionism policies, China insists on opening up to the outside world," said Francisco Tayana, a professor at the National University of Kilmes in Argentina. "What the world economy needs is not unilateralism and 'everyone for themselves', but respect for multilateral cooperation, unleashing the synergy between countries, and advancing through deepening mutual understanding and cooperation.".

To increase the certainty of global economic governance through stable and strong development

"When it comes to the world economy, we cannot ignore the Chinese economy." Lin Yifu, Honorary Dean of the National Development Research Institute at Peking University, stated at the "World Economic Outlook" sub forum that China will continue to be the main driving force for global development and is expected to contribute about 30% to global economic growth annually.

In 2023, China's economic growth rate will be 5.2%, and its contribution to global economic growth will continue to exceed 30%; In the first two months of this year, the added value of industries above designated size nationwide increased by 7.0% year on year, fixed assets investment nationwide increased by 4.2% year on year, and the total import and export of goods increased by 8.7% year on year... China's economy overcame difficulties and injected more certainty into global economic growth with practical actions.

The 2024 Annual Report on Asian Economic Outlook and Integration Process released by the Boao Forum for Asia on the 26th pointed out that China's economic growth in 2024 can still maintain a high level, which is sufficient to form a significant supportive effect on the economic growth of East Asia and even Asia. The results of the "Global and Asian Economic Confidence Survey" released on the same day showed that over 60% of forum members and partners surveyed have optimistic or relatively optimistic expectations for China's economic outlook.

Wu Chun, Executive Partner of Boston Consulting in China, told Xinhua News Agency that China is accelerating high-quality development, and the Chinese economy has shown strong resilience, great potential, and vitality. This undoubtedly adds confidence and vitality to the recovering world economy.

Ban Ki moon, Chairman of the Boao Forum for Asia, recently stated that against the backdrop of sluggish global economic recovery and rising protectionism, China and developing countries have always been committed to solving development problems, promoting international cooperation, and injecting momentum into world economic growth and common development. As the world's second-largest economy, what China is doing and will do has global significance. (Written by reporters: Wang Jiawei, Zhong Qun, Liu Bowei)