Boao Forum for Asia Releases Report: Global Economic Governance Enters "Asian Moment"

Boao, March 3 (ZXS) -- The 28 Annual Conference of the Boao Forum for Asia released the "2023 Annual Report on Asian Economic Prospects and Integration Process" (hereinafter referred to as the "Report") on the 28th, saying that Asia has played a more proactive and leading role in the field of global macroeconomic policy coordination, and global economic governance has entered the "Asian moment".

According to the report, Asian economies actively promote the reform of the multilateral trading system, deeply participate in global monetary and financial governance, and deepen the development and cooperation of the digital economy. At the same time, Asia is committed to leading the global sustainable development agenda, sparing no effort to invest in poverty reduction, strengthening the alignment of connectivity initiatives and planning in the region, strengthening development financing to boost global development governance, and launching global development initiatives to help implement the United Nations 2030 Agenda for Sustainable Development.

The report predicts that in 2023, under the background of the slowdown of the world economy and the risk of fragmentation of globalization, it is expected that the overall pace of economic recovery in Asia will continue to advance, and the process of regional production, trade, investment integration and financial integration will accelerate. Asian economies are expected to grow their weighted real gross domestic product (GDP) by 2023.4% in 5, a bright spot in the context of a global economic slowdown.

"The rebound in China's economy sends positive signals to Asia and globally." Li Baodong, Secretary-General of the Boao Forum for Asia, said that under the century-old changes and turbulent periods, Asian countries have faced challenges head-on and become an important supporting force for growth and multilateralism that the world can rely on.

The report also points out that four major issues, namely the ability of Asian economies to resist external shocks, industrial chain restructuring and resilience, climate change and the implementation of regional trade agreements, deserve special attention.

The report believes that in terms of enhancing the resilience of Asian economies to external shocks, it focuses on emerging Asian markets and developing countries and low-income developing countries generally facing the problem of rising debt levels. A strong recovery in China will help Asian economies respond effectively to external shocks. (End)