Asia is an space of ​​certainty amid international volatility, China’s Boao Discussion board views

Asia, particularly China, is an area of ​​certainty amid global uncertainty, according to an annual economic outlook report released Tuesday at the high-profile Boao Forum in Hainan province.

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HAINAN — Asia, particularly China, is an area of ​​certainty amid global uncertainty, according to an annual economic outlook report released Tuesday at the high-profile Boao Forum in Hainan province.

“Deepening financial integration in Asia has made regional economies more resilient to adverse impacts from international capital flows,” the report’s executive summary states.

The Boao Forum outlook did not elaborate on the recent banking turmoil in the US and Switzerland but said the banking sector was expected to remain resilient. It was not clear whether this meant the global financial sector or the banking sector in Asia or China.

Instead, the report spent more time discussing the negative impact of the US Federal Reserve’s aggressive rate hikes on Asian economies.

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Asia’s weighted real GDP is expected to grow 4.5% this year, up from 4.2% in 2022, according to the annual forecast report released on Tuesday

The Boao Forum report, touted by some as Asia’s response to the World Economic Forum in Davos, says most Asian economies are expected to maintain tight monetary policies this year.

Zhang Yuyan, a faculty member of the Chinese Academy of Social Sciences, said in his presentation of the report that each country’s situation is different, but pointed out that China’s latest interest rate cut went into effect on Monday.

“Asia held the G-20 summit last year and will hold another this year, entering the ‘Asian moment’ for global economic governance,” the summary said.

The Boao Forum for Asia has traditionally been held annually since 2001 in the Chinese island province of Hainan. Due to the Covid pandemic it was canceled in 2020.

The event will take place from Tuesday to Friday this year. The Managing Director of the International Monetary Fund, Kristalina Georgieva, and the Prime Minister of Singapore, Lee Hsien Loong, are expected to be among the participants this year.

China’s new Premier Li Qiang will attend and speak at the forum on Thursday.