South China Sea sub-forum highlights peace, dialogue amid turmoil in Middle East

Panelists attending the South China Sea Sub-Forum of the Boao Forum for Asia (BFA) Annual Conference 2026 have stressed the need for dialogue and cooperation to safeguard the South China Sea as Asia's key maritime passage, as global crises cast a shadow over regional stability.

The South China Sea is an important international shipping lane. More than 500,000 commercial vessels pass through it each year, and about 40 percent of global seaborne crude oil is shipped via the South China Sea.

At a sub-forum of the BFA Annual Conference 2026 on Friday, which was convened against the backdrop of ongoing conflict in Ukraine and the Middle East, discussions evolved from territorial and maritime disputes to broader concerns about a rapidly changing world.

"Overlapping interests have become increasing, and there is a tendency to resolve overlapping interests or conflict of interests through force," said Nguyen Hung Son, president of the Diplomatic Academy of Vietnam, noting the lack of diplomatic means.

Disputes persist in the South China Sea, but conflicts elsewhere serve as a reminder that hard-won peace must be safeguarded, shared sea lanes kept open, and cooperation deepened, according to panelists. One of the most pressing questions in the packed room has been how to prevent the South China Sea from becoming the next Strait of Hormuz.

"ASEAN countries and China should feel a sense of urgency to complete the formulation of the Code of Conduct as soon as possible. All parties should earnestly summarize the good experiences and traditions in implementing the Declaration on the Conduct of Parties in the South China Sea," said Liu Zhenmin, China's Special Envoy for Climate Change and former under-secretary-general of the United Nations.

"We must also send a consistent message that the South China Sea is a passageway that will always remain open, will remain safe and remain inclusive, and will be a space for connectivity and cooperation," said Nguyen.

The sub-forum, held annually since 2014, comprised two days of seminars and an open-door session, marked by friendly exchanges and open dialogue. In contrast to the maritime tensions often highlighted in international media, it offered a glimpse into the region's more nuanced approach.

"Despite periodic tensions, the region has thus far avoided serious outright conflict in recent times. And this, I would suggest, ladies and gentlemen, is less a coincidence than the result of a sustained, if understated, commitment to cooperation," said Oh Ei Sun, principal adviser at the Pacific Research Center of Malaysia.

The four-day Boao Forum for Asia (BFA) Annual Conference 2026 concluded in south China's tropical island province of Hainan on Friday, with fruitful results achieved to inject new impetus into multilateral cooperation.

The conference, themed "Shaping a Shared Future: New Dynamics, New Opportunities, New Cooperation", wrapped up after bringing together around 2,000 representatives from over 60 countries and regions around the world to discuss a broad range of issues including Asia's development, multilateralism, free trade, globalization, digitalization and green transition.

South China Sea sub-forum highlights peace, dialogue amid turmoil in Middle East

U.S. consumer sentiment fell 6 percent in March to its lowest level in three months, as rising gas prices and volatile financial markets, driven by the Iran conflict, weighed on households, according to a University of Michigan survey released Friday.

The index dropped to 53.3 in March from 56.6 in February, below last March's reading of 57.0. The decline continues a slide since January and raises concerns about household spending, a key driver of U.S. growth.

The Current Economic Conditions Index slipped to 55.8, down from 56.6 in February and well below 63.8 a year earlier. The Index of Consumer Expectations fell to 51.7, compared with 56.6 in February and 52.6 last March.

The survey found that year-ahead gas price expectations surged about fivefold from February, reaching their highest level since June 2022. Expectations for personal finances fell 10 percent, with 47 percent of respondents saying rising prices are placing a heavy burden on their household budgets.

Short-term economic outlook expectations plunged 14 percent, and 61 percent of consumers now expect unemployment to rise in the year ahead, up from 58 percent last month. Year-ahead inflation expectations climbed from 3.4 percent in February to 3.8 percent in March, the largest one-month increase since April 2025.

Although long-term expectations saw only modest declines, survey director Joanne Hsu cautioned that "these views could shift if the Iran conflict becomes protracted or if higher energy prices feed broader inflation."

On Feb. 28, Israel and the United States launched joint attacks on Tehran and several other Iranian cities, prompting Iranian retaliatory strikes in the days that followed. The conflict has rattled global energy markets, fueling concerns about supply disruptions and higher oil prices.

Economists said sustained energy shocks could deepen inflationary pressures and further erode consumer confidence.

US consumer sentiment falls to three-month low amid gas price surge, market volatility