Translation. Region: Russian Federation –
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
Boao, Hainan Province, March 26 (Xinhua) — China's commitment to promoting high-level openness to the outside world will be an important factor in the development of economic globalization built on the principles of equality and respect for the national interests of all countries, Kirill Babaev, director of the Institute of China and Modern Asia of the Russian Academy of Sciences (ICSA RAS), said Wednesday at the annual meeting of the Boao Forum for Asia 2026 (BAF) in the coastal town of Boao in the island province of Hainan, southern China.
This year, the BAF annual meeting is being held from March 24 to 27 under the motto “Shaping a Common Future: New Dynamics, New Opportunities, New Cooperation.”
According to K. Babaev, the BAF is one of the most important platforms for interaction not only between business leaders and government officials from Asian countries, but also between representatives of other continents. It allows for a free and frank discussion of where Asia is heading today and how the world can most effectively interact with it.
According to the "Annual Report on Asian Economic Integration Prospects and Progress 2026" released by the BAF on Tuesday, Asia's share of global GDP is estimated to continue its upward trajectory, increasing from 49.2 percent in 2025 to 49.7 percent in 2026 in purchasing power parity terms.
"Today, Asia is one of the drivers of global economic and technological development, so it's important for the entire world to understand the trends, new technological advantages, and processes currently occurring in Asian countries in order to plan their business in all regions of the world," noted K. Babaev.
He added that the launch of independent customs operations throughout the Hainan Free Trade Port (HFTP) has attracted the interest of businessmen from across the Asia-Pacific region (APR) and will contribute to the intensification of trade and economic cooperation throughout the region.
According to K. Babaev, Hainan is currently the center of Russian tourism in China. The island attracts the interest of not only tourists but also businessmen from all over Russia, and this will contribute to the overall development of trade and economic relations between China and Russia.
Openness is a crucial feature of Russian-Chinese relations today, and the construction of a free trade zone in Hainan will further strengthen cooperation across all areas between our countries and peoples, said K. Babayev.
According to him, China is attracting an increasing number of Russian businessmen, who are discovering not only opportunities for doing business and investing, but also for technology transfer, because today China is a technological leader in many areas, and Russian businessmen are extremely interested in these technologies.
Established in 2001, the Boao Forum for Asia is a non-governmental and non-profit international organization dedicated to promoting regional economic integration and supporting Asian countries in achieving their development goals.
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