China's economic resilience amid global uncertainties has enhanced the global appeal of the 2025 Boao Forum for Asia, according to Zhu Min, former deputy managing director of the International Monetary Fund (IMF).
Speaking Tuesday during a studio interview with China Central Television (CCTV) on the sidelines of the Boao Forum, which runs from Tuesday to Friday in Boao Town of south China's Hainan Province, Zhu, a long-time participant of the forum and an economic expert, highlighted the evolving context that makes this year's forum particularly crucial.
"I think this year's Boao Forum has attracted attention because of changes in the global economy and the Chinese economy. The global economy has undergone major changes. Firstly, the Chinese economy has stabilized, and we see a large influx of capital flowing in. Secondly, the U.S. economy is facing great uncertainty. Thirdly, at this stage of low global economic growth, emerging Asian economies continue to maintain 4.8-percent growth, compared to the global 2.7 percent, so this is very strong [growth rate for Asia]," he said.
Delegates at the forum will hash out Asia's growing importance in reshaping the global direction on key issues, he stressed.
"I think the first is the form of the global economy. Now, there's a lot of discussion about whether the U.S. economy will enter a recession and whether the Chinese economy has stabilized, especially the prospects for its consumption transformation, and these are things that everyone is very concerned about. Climate change is a very big issue given the fact that the U.S. has withdrawn from the Paris Agreement and how the rest of the world will continue to move forward. Because climate change is a shared global mission, and it's increasingly becoming a major driver of new global economic growth. And Asia will certainly continue to be a leading force," said Zhu.
"But under this enormous uncertainty, global financial market volatility is unavoidable. We've recently seen very large market fluctuations, including the decline in the U.S. stock market and capital flows that are different from before. So, the monetary policies of central banks around the world are another focus of attention," he said.
Under these complex circumstances, Zhu emphasized the increasing importance of boosting cooperation among Asian countries.
"Regional cooperation is becoming increasingly obvious. In the past two years, this trend of regional cooperation in Asia has become increasingly clear. For example, in terms of supply chains, during the process of regional globalization, the whole world is in fact undergoing a realignment of supply chains. But from a regional perspective, Asia's supply chain is gradually taking shape with China's core supply chain as the main one, gradually extending to Asia and integrating with Asia. So, this is a very important aspect," said Zhu.
China's economic resilience amid global uncertainties enhances Boao Forum's global appeal: expert
China's economic resilience amid global uncertainties enhances Boao Forum's global appeal: expert
