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Source: People's Republic of China – State Council News
BOAO, Hainan Province, March 26 (Xinhua) — Amid a volatile global economic situation, China's high-quality development has once again captured the attention of participants at the ongoing Boao Forum for Asia (BAF) 2026 Annual Meeting, as the world searches for a reliable guide amid the growing fog of uncertainty.
According to politicians, academics and business leaders gathered in the coastal town of Boao in the island province of Hainan (South China), the country's innovative, coordinated, green, open and inclusive development provides markets and economies around the world with a double boost in terms of both stability and growth dynamics.
Despite headwinds such as tariffs and global crises, China has demonstrated high resilience in recent years, providing invaluable stability to global supply chains, said Denis Depoux, global managing director of Munich-based consultancy Roland Berger.
Founded in 2001, the BAF is celebrating its silver anniversary this year at an annual event that coincides with the launch of China's 15th Five-Year Plan (2026-2030)—a program aimed at advancing the country's modernization through high-quality development. Key priorities include innovation, green development, and high-level openness.
"Amid growing geopolitical uncertainty, the 15th Five-Year Plan provides a level of institutional stability that is rare globally," said Zheng Yongnian, a renowned scholar and professor at the University of Hong Kong (Shenzhen) in southern China's Guangdong Province.
He noted that to achieve China's aspiration to bring its per capita GDP to the level of a moderately developed country by 2035, a stable annual growth rate of 4.5-5 percent is necessary, meaning that the country will continue to account for around 30 percent of global economic growth in the next 5-10 years.
China has set a GDP growth target for 2026 of between 4.5 percent and 5 percent, significantly higher than the International Monetary Fund's January forecast of 3.3 percent global growth.
In the outline of the 15th Five-Year Plan, approved this month by China's top legislature, the country pledged to continue to adhere to the policy of openness, cooperation and mutual benefit, steadily expand institutional opening and build new, open economic systems that meet higher standards.
Hainan Island, host of the annual BAF meeting, offers a glimpse into China's high-level opening-up process. The Hainan Free Trade Port (HFTP), the world's largest by area, will soon celebrate the 100th day of independent customs operations across the island since this landmark policy took effect in December 2025.
Describing China as a "technology leader," Jack Perry, chairman of the UK's Group of 48, said this advantage would stimulate both the export of advanced equipment and demand for resources, making effective trade mechanisms increasingly important.
According to J. Perry, free trade zones play a key role in facilitating such processes.
China's openness has fostered a strong innovation ecosystem, noted Lin Guijun, former vice-rector of the University of International Business and Economics.
He said that thanks to the country's abundant human resources, capital, and government support, more and more multinational corporations are now building their global innovation strategies around China.
For multinational corporations, China represents a dynamic and multifaceted platform for growth. "The opportunity is not simply to sell goods to China, but to grow alongside China as it creates new corridors of cooperation, particularly with countries in the Global South," said Denis Depoux.
Describing Chinese modernization as “open” in nature, Zheng Yongnian noted that China’s development stands in stark contrast to Western models, which often “throw away the ladder” and monopolize development opportunities.
China extends a helping hand to the rest of the world. By encouraging and supporting the development of other countries, China seeks to promote common global modernization, Zheng Yongnian stated at the forum.
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