The Asian economy is projected to experience a full recovery, with a growth rate of more than 6.5 percent, according to reports released on April 18.  

Due to the COVID-19 epidemic outbreak last year, the Asian economy shrank for the first time in six decades. Nevertheless, Asia on the whole demonstrated great resilience, with China the only major economy to grow in 2020.  

Li Baodong, Secretary General of the Boao Forum for Asia (BFA) said that, as a pillar of multilateralism, Asia has been playing a critical role in the battle against COVID-19, stabilizing industry value and supply chains and promoting trade and investment. China throughout this process has become of pivotal significance.   

The China-led Asian market will further expand to create massive demand for the world economy, Li added. 

Li made the remarks at the first press conference for the BFA’s Annual Conference 2021, taking place in Boao, a coastal town in south China’s Hainan Province, and released two flagship reports, namely the Asian Economic Outlook and Integration Progress Annual Report 2021 and Sustainable Development: Asia and the World Annual Report 2021.  

The reports further mentioned that healthcare, infrastructure, green transformation, and digital deficits are the primary bottlenecks hampering the sustainable recovery of Asia. With limited fiscal and other resources, priority shall be given to the narrowing of these deficits.   

According to Li, this annual conference is the world’s first large-scale on-site international conference in 2021 and will provide vital “Asian perspectives” on how to promote world growth and enhance global governance in the post-pandemic era.  

Li concluded that the further integration of trade in goods and services, direct investments, and financial markets, as well as the deepening of connectivity within Asia, will continue as a major trend in development. Moreover, Asia will actively involve itself in the reform of international rules and order to advance progress in the formation of a community with a shared future. 

(Reporting from Boao, Hainan) 

Copyedited by Elsbeth van Paridon 

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