Workers decorate the parterre for the Boao Forum for Asia Annual Conference 2025 on March 16, ahead of the event, in Boao, Hainan Province. Photo: IC PHOTO

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The Boao Forum for Asia Annual Conference 2025 was held in Boao, south China’s Hainan Province, from March 25 to 28. Themed “Asia in the Changing World: Towards a Shared Future,” the conference gathered approximately 2,000 delegates from over 60 countries and regions, along with more than 1,100 journalists representing nearly 150 media outlets from over 30 countries and regions. Attendees engaged in in-depth discussions on the major opportunities and challenges facing both Asia and the world, reached broad consensus on promoting solidarity and cooperation on the continent for a shared future, and contributed fresh perspectives to energizing the world economy.

Strong growth momentum

Asia’s status in the global economy is rising, as the region serves as a significant engine of world economic growth. Particularly, its emerging markets and developing economies gave outstanding performance. According to the 2025 Annual Report on Asian Economic Prospects and Integration (hereinafter referred to as the 2025 Annual Report) unveiled at the conference, Asia’s weighted real GDP grew 4.4% in 2024, outpacing the global growth rate by 1.2 percentage points, and the region’s weighted real GDP is projected to rise 4.5% in 2025. As a result of rapid economic growth, Asia’s share of the global economy has steadily risen. In purchasing power parity (PPP) terms, its total GDP accounted for 48.1% of the world’s total in 2024 and is expected to grow 0.5 percentage points to 48.6% in 2025. 

In trade, Asia has demonstrated tremendous promise in digital and service trade. World Trade Organization (WTO) data reveals that in the first three quarters of 2024, the region’s total trade in goods increased 4.1% year-on-year to reach $12.7 trillion, accounting for 34.9% of the world’s total. In the first half of 2024, the imports and exports of service trade among Asian economies rose about 9.5% and 8.5% year-on-year, respectively, outpacing the global growth rates. As the largest economy in Asia, China’s trade in goods and services both hit record highs. According to data from the Chinese Ministry of Commerce, the country’s trade in goods in 2024 grew 5% from the previous year to 43.8 trillion yuan, while service trade surged by 14.4% to reach 7.5 trillion yuan.

Regarding scientific and technological innovation, Asia is continuously injecting new impetus into the sustainable development of the world economy. With the ongoing technological revolution and industrial transformation, the region has shown formidable innovation capabilities and sustainable development potential, particularly in fields such as artificial intelligence and new energy. According to the Boao Forum for Asia Innovation Report 2024, released on Jan. 17, 2025, the top 100 global science and technology clusters were predominantly located in East Asia, Western Europe, and North America. Among these, China’s Guangdong-Hong Kong-Macao Greater Bay Area cluster has increasingly become pivotal in industrial scientific and technological research. Additionally, Asia has far outperformed other regions in terms of R&D investment intensity and patent applications. In 2023, East Asia—led by China, Japan, and South Korea—accounted for 62.6% of all global patent applications. 

Deepening integration 

In an era marked by rising unilateralism and protectionism, as well as headwinds against globalization, Asia has been embracing open regionalism and advancing trade integration, continuing to deepen regional economic ties and offering fresh momentum for the development of an open world economy.

Asia has long exhibited a high level of intra-regional trade dependence, reflecting the close ties among its economies. According to the 2025 Annual Report, intra-regional trade dependence remained high in 2023, with an overall rate of 56.3%. ASEAN and China retained their central roles in regional goods trade—ASEAN’s dependence on Asian trade remained the highest, at around 70%, while the corresponding rates for South Korea and Japan stood at 59.5% and 58.4%, respectively. For India and China, the rates were 51.2% and 48.5%, respectively. Meanwhile, regional integration in service trade has continued to deepen, with intra-regional growth outpacing that of extra-regional service trade. In particular, digital delivery services have emerged as a key driver of this growth. In 2024, retail e-commerce in the Asia-Pacific region grew 8.4%; China’s cross-border e-commerce trade totaled 2.63 trillion yuan, an increase of 10.8% year-on-year; and Southeast Asia’s e-commerce gross merchandise value reached $263 billion (approximately 1.92 trillion yuan), up 15% from the previous year.

Despite global macroeconomic headwinds, tightened monetary policies in advanced economies, and rising geopolitical risks, Asia’s financial markets have remained generally stable. Financial integration has progressed steadily, with cross-border investment and banking activity continuing apace. In 2024, most Asian capital markets posted solid performances, while the banking sector maintained low and declining non-performing loan ratios. That same year, three of the world’s top five exchanges by initial public offerings fundraising were located in Asia. Over the past five years, Asian economies have accounted for a stable 26% to 28% of the global total of cross-border banking assets. Under regional frameworks such as the Chiang Mai Initiative Multilateralization, Asia is also working to construct a resilient regional financial safety net to safeguard stability and security in the region.

Since its implementation three years ago, the Regional Comprehensive Economic Partnership (RCEP)—the world’s largest free trade agreement (FTA)—has consolidated existing intra-regional FTA arrangements, improved resource allocation, and significantly boosted economic cooperation across Asia. It has also helped drive sustained growth in regional trade and investment. Under the agreement, over 90% of products traded within the region will gradually become tariff-free, providing strong impetus for regional trade liberalization and economic integration. According to the 2025 Annual Report, intra-RCEP trade rose roughly 3% year-on-year in 2024. Trade in intermediate goods continued to climb, accounting for around 66% of total intra-regional trade. Data from China’s customs authorities show that in the three years since RCEP came into force, China’s total trade in goods with other RCEP members reached 38.57 trillion yuan, accounting for more than 30% of its overall trade volume. The RCEP is now advancing expansion efforts, with the aim of fostering broader regional openness, cooperation, and integration by admitting new members.

Xu Xiujun is a research fellow from the National Academy of Chinese Modernization under the Chinese Academy of Social Sciences.  

Edited by CHEN MIRONG