Hainan's palm-lined shores set the stage for this week's Boao Forum for Asia, where leaders from over 60 countries debated a pressing theme: reshaping global governance to amplify developing nations' voices. With the Global South now accounting for 40% of global GDP and driving 80% of growth, the three-day summit spotlighted systemic reforms needed to address economic imbalances.
Carl Fey, Strategy Professor at BI Norwegian Business School, underscored the shift: "The Global South’s rising economic power demands proportional political influence." His sentiment echoed through panel discussions as delegates criticized Western-dominated financial institutions. Michele Geraci, former Italian economic official, likened the transition to "a dance where established powers must learn new steps."
Concrete proposals emerged, including expanded roles for BRICS and increased local currency trade through the New Development Bank. UN South-South Cooperation Director Wang Xiaojun highlighted infrastructure as a catalyst: "Projects like the Belt and Road create economic corridors where growth fuels further development." Attendees pointed to China's Xinjiang-Uzbekistan rail network as a model for sustainable regional integration.
While acknowledging persistent challenges in accessing international finance, delegates celebrated the Global South’s growing UN coordination. As the forum closed, a consensus emerged: a multipolar world demands institutions reflecting current economic realities, not 20th-century power dynamics.
