The Boao Forum for Asia (BFA) convened its annual conference in Boao, South China's Hainan Province on Tuesday, with officials and other participants calling for unity and cooperation in Asia and around the world to jointly tackle rising regional and global challenges, ranging from trade protectionism to geopolitical tension.
In a flagship report released on Tuesday, the BFA, which is often referred to Asia's version of the World Economic Forum in Switzerland, projected a substantial upswing in economic growth of around 4.5 percent in 2024 and that Asia's economic integration remains unchanged, while warning of challenges. The report pointed out China's major contribution to global economic growth with its vast market, highlighting China's critical role in not just Asia, but also the world.
This year's BFA drew representatives from more countries and regions than last year's edition, underscoring the rising influence of not just the BFA itself, but also the host nation - China. Many foreign guests in Boao highlighted China's solid economic fundamentals and improving business environment, echoing a resounding message from global business executives at the China Development Forum (CDF) in Beijing that concluded just a day before the BFA opened.
The BFA and the CDF are two back-to-back forums held by China after the two sessions, the annual meetings of the top legislature and top political advisory body, where it set social and economic development goals for the year. The high-level forums are a critical window for global CEOs to gauge China's economic outlook and policy priorities. They are also a reliable barometer for China's attractiveness among countries and regions and multinational corporations.
This year's BFA annual conference will be attended by nearly 2,000 representatives from more than 60 countries and regions, Li Baodong, secretary general of the BFA, said at a press conference on Tuesday morning, which officially kicked off the four-day event. While the number of participants is about the same as that of last year's meeting, the number of countries and regions represented increased to more than 60 from last year's number of about 50.
