Xinhua Commentary: Asia’s economy promising despite world uncertainties

The ongoing annual conference of the Boao Forum for Asia has sent a strong signal that Asia’s economy remains promising despite challenges and uncertainties worldwide.

Themed « Asia and the World: Common Challenges, Shared Responsibilities, » the conference responds to the current global landscape, which is marked by various challenges, including sluggish economic growth, complex international relations, and geopolitical conflicts.

According to the « Asia Economic Outlook and Integration Process Annual Report 2024 » released at the conference, the Asian economy is expected to grow by around 4.5 percent this year, a relatively high growth rate, and continue to be the largest contributor to the global economic growth.

In terms of purchasing power parity, Asia’s economic aggregate is expected to account for 49 percent of global GDP this year, a 0.5 percentage points increase from 2023, the report said.

Since the entry into force for all its 15 member countries in June 2023, the Regional Comprehensive Economic Partnership (RCEP) agreement has vigorously promoted regional trade and investment and injected strong impetus into regional growth.

Meanwhile, with the docking of development initiatives and plans such as the Belt and Road Initiative and the Master Plan on ASEAN Connectivity 2025, Asian economies have advanced regional integration and supported globalization through enhanced connectivity.

As a key driver of global growth, the Chinese economy has demonstrated remarkable resilience and potential, achieving a growth rate of 5.2 percent in 2023 and targeting an expansion of around 5 percent this year.

Pursuing shared development, China is already a major trade partner of more than 140 countries and regions, a major source of investment for a growing number of countries, and one of the most important investment destinations for many countries. Undoubtedly, the biggest engine of global economic growth will continue to create opportunities for the world as China advances its modernization drive.

Solidarity and cooperation are essential for continued development and success of Asia, the most populous continent with immense vitality and potential, and the world at large. A promising Asia will be an important contributor to the world modernization.