Boao, 29 March 2024 (TDI): The Boao Forum for Asia (BFA) Annual Conference 2024 commenced with fervor as China’s top legislator, Zhao Leji, emphasized China’s economic prowess and advocated for regional solidarity in his keynote address at the forum’s opening ceremony in Boao, Hainan Province.
Insights from Boao 2024
Zhao Leji, Chairman of the National People’s Congress Standing Committee, underscored China’s commitment to high-quality development. He deepened reforms and opened them up. Moreover, he stressed the manifold opportunities these efforts present for Asia and the global community.
China’s ambitious economic growth target is five percent for 2024. Its substantial contribution to global GDP growth highlights its significance on the world stage.
China’s GDP increased by 5.2 percent last year, which was among the greatest growth rates among major nations.
The International Monetary Fund estimated last year that a 1 percentage point improvement in GDP growth in China would result in a 0.3 percentage point gain in other Asian nations. The Chinese economy has contributed almost one-third of global growth.
The Boao Forum 2024 also highlighted the country’s proactive reforms, which include further liberalizing the foreign investment landscape and enhancing environmental sustainability measures.
In a significant move towards globalization, China unveiled its first national-level negative list for cross-border trade in service sectors on March 22, facilitating greater openness to foreign service providers.
Additionally, pledges to peak carbon emissions by 2030 and achieve carbon neutrality by 2060 underscore China’s commitment to green development.
Zhao emphasized the exponential growth potential of China’s vast market, fueled by technological innovation and strategic emerging industries, which are propelling the nation towards a digital economy worth over 50 trillion yuan.
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The forum also spotlighted Asia’s promising growth trajectory, accounting for nearly half of the world’s GDP, with an expected growth rate of 4.5 percent in 2024.
Despite global economic challenges, initiatives like the Regional Comprehensive Economic Partnership promise to invigorate regional trade and investment.
Zhao urged Asian nations to uphold peace and unity, rejecting protectionism and unilateralism.
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