BFA: Asia expected above 6.5% economic growth

Boao Forum for Asia Annual Conference 2021 was convened in Boao, Hainan on April 18 with the theme of "A World in Change: Join Hands to Strengthen Global Governance and Advance Belt and Road Cooperation". According to the report released by the Forum, Asia's economic growth will recover in 2021 and is expected to reach above 6.5%. 

According to the Asian Economic Outlook and Integration Progress Annual Report 2021, Asia has played an important role in strengthening pandemic prevention and control, maintaining smooth and stable industrial chain and supply chain, and boosting trade and investment. Asia functions as a stablizer in upholding multilateralism, and China plays a pivotal role in it. Looking ahead to 2021, the Asian economy presents many highlights and opportunities and will show a trend of recovery growth. 

Li Baodong, Secretary General of Boao Forum for Asia, said that the strong cohesion and coordination among the Belt and Road Initiative ("BRI"), the Master Plan on ASEAN Connectivity 2025 and other regional and global connectivity initiatives on the construction of the Eurasian Economic Union are of great significance to regional economic and trade cooperation as well as economic recovery and development after the pandemic. As the first region in the world to stabilize the pandemic situation and resume production, Asia is expected to accelerate its economic recovery this year with a growth rate above 6.5%. 

2020 China International Fair for Trade in Services (hereinafter referred to as "CIFTIS") was held in Beijing from September 4 to September 9 with the theme of "Global Services, Shared Prosperity". Luo Xiaomei, Deputy Director-General of Department of Asian Affairs of the Ministry of Commerce, said at the Summit Forum on China's International Economic Cooperation "Going Global" held during the CIFTIS that the countries around Asia are our neighbors and are highly integrated with China's economic interests, and they play a decisive part in the overall situation of China's opening-up. China and other members of the Asian family are facing rare economic and trade cooperation opportunities, and the prospects for cooperation are bright.

Luo Xiaomei pointed out that under the epidemic situation, the economic decline of China's neighboring countries is generally lower than that of other regions, and the economies of Asian countries including China have shown strong resilience and huge development momentum. Strong domestic demand in Asian countries has given rise to huge markets. In the wake of the upgrading of infrastructure in developed Asian economies and the advancement of industrialization and urbanization in emerging Asian economies, the market demand for transportation, electric power, new energy and other fields continues to grow, which turns Asian countries into the most attractive place for investors. With the integration of regional industrial chain and supply chain and the growing demand for diversification among investors, the production of more medium- and low-end commodities is shifting to Southeast Asia. In recent years, Southeast Asia and South Asia have maintained a relatively fast pace in attracting foreign investment, mainly involving manufacturing, electric power and real estate. At the same time, Asian countries are constantly improving their own investment environment to make themselves more attractive to foreign investment. 

While we are accelerating the establishment of a new development pattern of a "dual circulation" development pattern in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement, our neighboring Asian countries are expected to supplement and extend China's new development pattern with their advantageous geographical positions and close economic ties with China, said Luo.