Wang Xiaosong
Researcher at the National Development and Strategic Research Institute, Renmin University of China
Professor at the School of Economics
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On March 27, the Boao Forum for Asia Annual Conference 2026 successfully concluded. Against the backdrop of a backlash against multilateralism and economic globalization, and the impact on the international economic order, this annual conference aimed to strengthen Asia-Pacific partnerships, seek common development, deepen regional cooperation and economic integration among Asian countries, and also provide momentum for China to promote high-level opening up.
Asia has become the most dynamic region in the world
According to the &#34;2026 Annual Report on Asia's Economic Outlook and Integration Process&#34; released by the Boao Forum for Asia, the economic growth rate of Asia is expected to reach 4.5% in 2026, continuing to be a major engine of global economic growth. The GDP of Asian economies will also continue to rise as a proportion of the world economy, expected to increase from 49.2% in 2025 to 49.7% in 2026.
In recent years, the international situation has been complex and intertwined, with unilateralism and protectionism continuing to spread, while the Asian economy has still risen against the trend and continued to improve, becoming the most favored region for global direct investment capital, with significant development potential and resilience. Over the past decade since 2010, most developing economies in Asia have maintained an economic growth rate of over 4%, with many economies exceeding 5%. Asia accounts for over 50% of global manufacturing value added, and has formed a collaborative development network in industrial chains and supply chains in fields such as electromechanical and new energy vehicles.
Why is the Asian economy thriving and full of vitality? First, there is a vast market. Asia has a population of over 4 billion, with a high proportion of young people. This large domestic market not only provides a stable channel for regional production capacity but also promotes industrial upgrading and technological progress through consumption upgrades. Second, there is strong innovation capability. Emerging industries within the Asian region have improved supply efficiency and created new growth space. A complete supply chain system allows Asia to respond quickly to global technological changes, transforming technological innovations into effective supply at scale. Third, there is a good regional policy coordination mechanism. Mechanisms such as the Regional Comprehensive Economic Partnership (RCEP) and the China-ASEAN Free Trade Area help reduce trade and cross-border investment costs, creating conditions for industrial chain integration. Asian enterprises can allocate resources across countries at lower transaction costs, allowing production processes that were originally dispersed across countries to be more closely connected.
This year marks the 25th anniversary of the Boao Forum for Asia. Over the past 25 years, the forum has gathered Asian consensus, continuously promoting the formation of a forward-looking common understanding among Asian countries and various sectors, including maintaining multilateralism, strengthening regional cooperation, adhering to innovation-driven development, and advocating dialogue and communication. The forum has also effectively promoted cooperation among countries, from digital economy and artificial intelligence to sustainable development and green transformation, always focusing on real issues, transforming ideological consensus into specific policy dialogues and pragmatic cooperation, which is of great significance for promoting a more inclusive and balanced process of economic globalization
Economic and Trade Exchanges Among Asian Countries Are Becoming Increasingly Close
The &#34;2026 Annual Report on Asian Economic Outlook and Integration Process&#34; points out that among the 22 core products in the Asian regional value chain, China maintains a leading position in 19, with advantages concentrated in areas of cost control, industrial agglomeration, and strong supply chain coordination capabilities. In fact, East Asia, particularly Asia, has become the hub of the global value chain, with China being the central node in the Asian regional value chain. Trade in intermediate goods reflects a country's role in the global division of labor and its level of participation in the global value chain. The more developed a country's trade in intermediate goods, the closer its upstream and downstream relationships with other countries' industries, indicating broader participation in global division of labor and deeper integration into the global value chain. Currently, Asia accounts for over 40% of global trade in intermediate goods, while the European Union and North America account for approximately 25% and 15%, respectively. Within Asia, China's trade in intermediate goods has surpassed North America since 2017, highlighting its increasing importance in the global industrial chain.
Economic and trade exchanges between China and Asian countries are becoming increasingly close. Currently, China is the largest trading partner for most Asian countries, and since 2020, ASEAN has replaced the European Union and the United States as China's largest trading partner. By 2025, the total trade value between China and ASEAN is expected to exceed USD 1 trillion for the first time, representing a 7.4% increase from the previous year. Additionally, in intra-Asian value-added trade, the proportion from China exceeds 30%. After the implementation of RCEP, mechanisms such as rules of origin accumulation and tariff reductions have further consolidated China's core node position in the Asia-Pacific supply chain.
China's core position in the Asian regional value chain stems from its contributions to the overall development of Asia. In recent years, a complete high-value-added regional supply chain has gradually formed within Asia. From advanced chip manufacturing to packaging and testing, from key electronic components to complete server manufacturing, Asia is advancing from a traditional &#34;world factory&#34; to a global high-end manufacturing center, leveraging a complete modern industrial chain system. China plays a significant role in this development process; it not only maintains advantages in medium and low-end manufacturing but also continues to enhance competitiveness in high-tech fields such as electronics, machinery, lithium batteries, and electric vehicles, extending upstream in the global value chain. Investments in AI hardware and data infrastructure are also developing at an unprecedented pace, with significant spillover effects that continuously inject strong momentum into Asia's industrial upgrading.
Embracing a Higher Level of Openness in China and Asia
In 2001, 26 Asia-Pacific countries, including China, passed the &#34;Boao Forum for Asia Declaration,&#34; leading to the establishment of the Boao Forum for Asia. It can be said that the Boao Forum for Asia was born to respond to crises and strengthen Asia-Pacific cooperation, deeply embodying the spirit of &#34;working together.&#34; Twenty-five years later, Asian countries, represented by China, have embarked on a path of high-level development through a continuous process of openness. In a world full of uncertainties, China's ongoing institutional openness provides direction and certainty for global economic development
This year, the Boao Forum for Asia coincides with the 100-day operation of the Hainan Free Trade Port's full island closure. As the highest level of open form in China, the full island closure operation of the Hainan Free Trade Port marks a new historical stage in China's opening up to the outside world. Against the backdrop of the Hainan Free Trade Port's launch, this year's Boao Forum for Asia has special demonstration significance: it not only showcases China's unwavering determination to expand openness to the world but also provides new opportunities for Asian countries to deepen economic and trade cooperation.
China's development history shows that openness brings progress, and cooperation creates the future. In a rapidly changing world, China insists on expanding high-level opening up and intensifying the implementation of regional strategies, which not only provides an institutional foundation for its own development but also contributes Chinese strength to the regional coordinated development of Asia.
In 25 years, the Boao Forum for Asia has brought a new atmosphere of development through openness to China and witnessed a new starting point for China's opening up to the outside world. In the future, China will continue to deepen cooperation and mutual benefit, steadily expand institutional openness, and build a new system of higher-level open economy, sharing opportunities and developing together with countries around the world.
Source: Guangming Daily
WeChat Editor: Zhang Jingjing

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The 2026 Boao Forum for Asia emphasizes strengthening Asia-Pacific partnerships and regional cooperation to promote economic integration. It is expected that the economic growth rate in Asia will reach 4.5% in 2026, continuing to be the engine of global economic growth. The GDP of Asian economies is projected to account for 49.7% of the global total. Despite facing unilateralism and protectionism, Asia continues to demonstrate strong economic vitality, benefiting from a vast market, innovative capabilities, and effective regional policy coordination mechanisms

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2026 Boao Forum for Asia | Wang Xiaosong: Contributing Chinese Strength to Regional Collaborative Development in Asia