Boao Forum for Asia: How can the continent forge a shared future?

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Often dubbed the "Davos of the East," the Boao Forum for Asia (BFA) convenes its 25th annual conference from March 25 to 28 this year in the tropical coastal town of Boao, south China's Hainan Province. Amid geopolitical fragmentation, this year's theme "Asia in the Changing World: Towards a Shared Future" aims to find ways to steer through turbulence while forging unity. Yet, despite the geopolitical rifts and economic fragmentation, can Asia truly forge a path toward unity?

Shifting tones: Global confidence returns to China's economy

It's a different story compared to last year's Boao Forum, which unfolded during a period of domestic economic adjustment, as China worked through structural challenges in the property market and shifts in global capital flows. This year, the tone has indeed shifted.

At the recent China Development Forum 2025, business leaders from some of the world's largest companies gathered in Beijing to engage with Chinese policymakers and explore future cooperation. On China's growth trajectory, Roland Busch – the chairman, president and CEO of Siemens AG – said that China has already provided its answer: pursuing high-quality growth through advanced technology and high efficiency. When it came to development, Stephen Schwarzman, the chairman of Blackstone, expressed strong confidence in the country's economic prospects, noting that Blackstone is ready to "further deepen its presence in the Chinese market."

This year's Boao Forum takes place amid growing international optimism about China's growth prospects, marking a shift from the more cautious tone seen in some circles last year. Yet uncertainty still looms. From potential U.S. tariffs to ongoing geopolitical tensions and global supply chain disruptions, the world faces shared challenges that go far beyond China alone. Amid these shifting currents, the key question is:

How can Asia forge a unity of shared future?

Asia's economic outlook: Growth amid uncertainty

Despite global headwinds, Asia remains a bright spot in the world economy. According to the Boao Forum for Asia's 2025 report, the region's economy is expected to grow by 4.5 percent this year – a pace well above the global average of 2.8 percent, as projected by the United Nations. For comparison, the U.S. and the Eurozone are forecast to grow by 1.9 percent and 1.3 percent, respectively. These figures above reaffirm Asia's role as a primary engine of global economic recovery. Across the Boao Forum economies, several growth engines stand out, building momentum.

Vietnam is reaping the rewards of years of market-oriented reform and deeper global integration. With ongoing efforts to improve its business environment and digital infrastructure, according to Vietnam's General Statistics Office, the country's GDP grew by 7.09 percent in 2024, despite external challenges. Its increasing participation in regional trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is also expanding its role in Asia's broader economic landscape.

Indonesia is rapidly scaling up energy infrastructure while attracting record levels of foreign capital. In 2024, the country drew over $50 billion in foreign direct investment (FDI), according to government data, with a significant share flowing into nickel processing and battery production. Global players such as Hyundai and CATL are anchoring major battery manufacturing projects, positioning Indonesia as a key node in Asia's emerging electric vehicle (EV) supply chain.

China, meanwhile, remains the anchor of the region's green transformation. In 2024, renewables accounted for 86 percent of all newly added power capacity, bringing the country's total renewable energy capacity to 1.89 billion kilowatts – more than the combined total of the United States, Germany and India. At the same time, China sold over 12.8 million new energy vehicles, representing 40.9 percent of total domestic auto sales. Homegrown brands such as BYD are not only dominating the domestic market but also expanding rapidly in Europe, Southeast Asia, and Latin America – reinforcing China's pivotal role in shaping the global EV landscape.

As Asia looks to the rest of 2025 and beyond, the challenge lies in turning this growth momentum into deeper economic integration. Amid rising protectionism and global uncertainty, the Boao Forum for Asia provides a common platform for tariff reduction, trade facilitation, and cross-border cooperation among Asia-Pacific economies.

Defending free trade: Asia's answer to global protectionism

As protectionist sentiment rises across the globe – from longstanding U.S. trade war with China to newly imposed tariffs on Canada, Mexico, and looming threats against the EU – Asia is responding with a different approach: deepening openness and regional cooperation.

In October 2024, China and ASEAN concluded substantive negotiations on the China-ASEAN Free Trade Area version 3.0, aiming to expand cooperation in e-commerce, digital trade, the green economy, and sustainable agriculture. The upgraded agreement, expected to be signed in 2025, promises lower barriers, smoother customs procedures, and more modernized cross-border flows.

Meanwhile, China is also stepping up its commitment to openness. The upcoming full customs closure of Hainan Free Trade Port this year marks one of its boldest market-opening efforts to date, with tariff-free zones and simplified border clearance designed to better connect with Asian and global markets. These moves – alongside broader initiatives such as the Belt and Road Initiative, the China International Import Expo, and the internationalization of the RMB – signal China's intent to deepen its economic ties with the world, especially the Global South and help shape a more balanced, multipolar world.

Working together to shape the future

At the first Global Free Trade Ports Development Forum – one of the main events of Boao Forum for Asia 2025, Ban Ki-moon, the chairman of the BFA and a former United Nations secretary-general, underscored the enduring importance of free trade and globalization. While global trade is not yet fully free, he noted, it has expanded the global economic pie and lifted hundreds of millions out of poverty. The future of the world, he stressed, depends on how open and inclusive economies choose to be.

In a year marked by both promise and peril, Boao offers not just a space for reflection, but a platform for action. By advancing regional growth, defending open trade, and rebuilding trust, Asia is well-positioned to turn shared aspirations into lasting resilience.