News — ChangeLab

Boao Asia Forum 2023: Advancing Regional Cooperation and Economic Integration

At the end of March, the Boao Asia Forum 2023 (BAF) successfully ended on the east coast of Hainan Province of China, gathering over 2,000 participants from 50 countries, including the PRC, Malaysia, Singapore and others. The Forum was held under the theme "A world in uncertainty: solidarity and cooperation in the face of challenges, openness and inclusiveness for development", which is now more relevant than ever to promote regional economic integration throughout Asia and address key business issues.

The forum was a powerful impetus for China, which has expressed its willingness to give a new impetus to the global economy after a prolonged pandemic. A representative from China highlighted important international projects that will create additional economic opportunities, thereby enabling other participants to share in the dividends of China's development. In this issue, to maintain global growth, China also expressed the need to keep a close eye on the pace of global inflation and rising interest rates in advanced economies, which could lead to potential systemic risks.

Moreover, the results of the forum showed that Asia remains the driver of global growth. The combined contribution of China and India to the region is expected to exceed 50%, providing significant opportunities for further global economic development. Over the past decade, China has become a leading manufacturing hub and India a major player in the technology sector, contributing significantly to job creation and productivity growth. With the development of technologies such as blockchain and digital currencies, there is a growing need for cooperation and coordination between countries to ensure the security, reliability and mutual benefit of these innovations. China, in particular, has been at the forefront of this digital revolution, with companies such as Alibaba and Tencent leading the way in developing innovative financial services and payment systems.

Thus, BAF is an important communication platform for dialogue between countries to promote innovation and strengthen ties in the business environment, including also the development of financial transactions system. Such events are important for spreading the ESG agenda in investment and trade cooperation, which gives us an opportunity to attract financing for business projects, expand the base of interested clients, and strengthen international interaction with other Asian countries.