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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
From March 24 to 27, 2026, the annual meeting of the Boao Forum for Asia (BOA)—an influential international platform bringing together politicians, academics, and business leaders—is taking place in Boao, Hainan Province. In its 25th anniversary year, the forum is being held under the theme "Shaping a Common Future: New Dynamics, New Opportunities, New Cooperation," reflecting key trends in the transformation of the global economy.
The plenary session opened on March 26 with the participation of Zhao Leji, Chairman of the Standing Committee of the National People's Congress. He noted that this year marks the 25th anniversary of the founding of the BAF. Over the past quarter century, it has firmly established itself in Asia and entered the global arena, consistently deepening dialogue and cooperation, uniting the positions of various parties, and becoming a recognized "golden brand"—a symbol of mutual enrichment, solidarity, and joint development in Asia and around the world.
Against a backdrop of growing global economic uncertainty, the need for sustainable benchmarks is growing. In this context, high-quality development in China was a focus for forum participants. A model based on innovation, coordination, environmental sustainability, openness, and inclusiveness simultaneously ensures stability and creates new sources of growth.
Despite external constraints, including trade barriers and the impact of global crises, China has demonstrated resilience. By maintaining stable supply chains and remaining an important link in global trade, the country continues to play a key role in driving the global economy. Experts estimate that China will account for approximately 30 percent of global economic growth in the coming years.
The GDP growth target for 2026 is set at 4.5-5 percent, exceeding the expected global economic growth rate. These targets coincide with the launch of the 15th Five-Year Plan (2026–2030), which aims to deepen modernization through innovation, a green economy, and greater openness.
The technological factor is becoming particularly important. Asia is becoming a global center for artificial intelligence development, and China, with its complete industrial cycle and the capacity for large-scale technology implementation, is strengthening its position among the leaders. Other countries in the region are also strengthening their presence in high-tech manufacturing and digital solutions.
The digital economy has already become a key growth driver: by 2025, its size in Asia will reach $27 trillion, accounting for almost half of the region's GDP. The expanding use of digital technologies and artificial intelligence is contributing to increased productivity, the development of small and medium-sized businesses, and the creation of new jobs.
A key feature of regional development is the formation of a closed cycle of "technology application—data generation—solution improvement," which accelerates innovation processes and strengthens Asia's position in global technological competition.
At the same time, regional integration is strengthening. Intraregional trade in Asia is growing, and economic ties are becoming closer. China plays a key role in this process, particularly in cooperation with developing countries, where trade growth is outpacing interactions with traditional developed markets. Against this backdrop, the importance of the Global South is growing. Countries in Asia, Africa, and Latin America are increasing their influence, moving from a peripheral role to a more active role in shaping the global agenda. China is an important partner, promoting mutually beneficial cooperation. Infrastructure development, investment in digital technologies, and industrial cooperation are helping to create new growth areas and strengthen the economic independence of these countries.
At the same time, the logic of global governance is changing. While previously rules were shaped primarily by a narrow circle of developed countries, today a more inclusive model that takes into account the interests of a broad range of participants is gaining importance. In this context, the Global South is becoming not only an object but also an active participant in global economic policy.
The Hainan Free Trade Port exemplifies this openness policy. The introduction of independent customs operations at the end of 2025 marked an important step in developing new mechanisms for international economic cooperation. The upcoming informal APEC Economic Leaders' Meeting, to be held in November 2026 in Shenzhen, could provide additional impetus to regional cooperation. China intends to use this platform to further deepen integration and foster closer Asia-Pacific cooperation.
Discussions at the 2026 Boao Forum demonstrate that the world is undergoing a profound transformation. China, promoting a model of open and high-quality development, is creating new opportunities for global growth. At the same time, countries in the Global South are strengthening their role in global governance, contributing to the formation of a more balanced and sustainable global economic architecture. In this context, the combination of innovation, openness, and international cooperation is becoming a key factor in shaping a future in which the development of individual countries is increasingly linked to the well-being of the global economy.
Author: Anushervon Rasulov
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