Xinhua
As the Boao Forum for Asia (BFA) kicked off its annual conference, Chinese President Xi Jinping called upon Asia to become an anchor for world peace, a powerhouse for global growth, and a new pacesetter for international cooperation. This year’s event is being held as the COVID-19 pandemic continues to rage all over the world and the international situation turns increasingly grave, casting a shadow over global economic growth.
Asia led the world in economic recovery in 2021 and remains a powerhouse of global economic growth. The Asian economy will still be in recovery in 2022, but its growth rate could be moderate, according to a BFA report titled “Asian Economic Outlook and Integration Progress.”
Looking ahead to 2022, there are still many factors affecting Asia’s economic growth, including the pandemic, the geopolitical situation, and the pace and intensity of monetary policy adjustments in some countries including the United States.
Xi noted that the strength to break through the mist and embrace a bright future comes from cooperation, and that the most effective way to do so is through solidarity. Countries should uphold true multilateralism, and firmly safeguard the international system with the UN at its core and international order underpinned by international law. In particular, major countries should lead by example.
Countries should remain committed to building an open world economy, stay on top of the dominant trend of economic globalization, and increase macro-policy coordination. They should turn to science and technology for more growth drivers, keep the global industrial and supply chains stable, and prevent serious negative spillovers from policy adjustments in certain countries, all in an effort to promote balanced, coordinated and inclusive global development.
Asia should seize the opportunities provided by the Regional Comprehensive Economic Partnership (RCEP) and the China-Laos railway to foster a more open Asia-wide market and make new strides in mutually beneficial cooperation.
Moreover, great efforts should be made to promote Asian unity. Choosing dialogue and cooperation over zero-sum games, openness and inclusiveness over a closed-door and exclusive approach, and exchanges and mutual learning over a sense of superiority — these are the only choices worthy of the broad-mindedness of Asians.
Despite increasing headwinds, the fundamentals of the Chinese economy, including its strong resilience, enormous potential, vast room for maneuver and long-term sustainability, remain unchanged.
