As over 2,000 delegates from more than 60 countries and regions convened at China's Boao Forum for Asia this week, the continent's leaders projected confidence in sustainable growth amid worldwide economic skepticism. The forum's newly released Asian Economic Outlook report forecasts Asia's GDP share at purchasing power parity will rise to 48.6% of global output by 2025.
Chinese Vice Premier Ding Xuexiang set the tone in his keynote address, urging nations to "jointly safeguard the free trade system" and reject protectionism. This resolve appears grounded in tangible progress: Implementation of the Regional Comprehensive Economic Partnership (RCEP) – the world's largest trade pact by member GDP – continues yielding results. Despite global trade challenges, RCEP countries saw 3% year-on-year trade growth in 2023.
The IMF estimates RCEP economies will contribute over 40% of global growth through 2029, adding $10.9 trillion in economic output. "This isn't mere optimism," noted one forum participant. "From advanced manufacturing clusters in ASEAN to digital innovation hubs in East Asia, we're seeing coordinated development translate into shared prosperity."
While Western economic forums have recently grappled with recessionary concerns, Boao's agenda focused on accelerating cross-border green energy initiatives and harmonizing digital trade standards – priorities reflecting Asia's growing influence in shaping 21st-century economic frameworks.
