China's economic prospects, opening-up pledges help global growth, stability as Boao Forum kicks off annual meeting

March 27, 2024

China’s economic prospects, opening-up pledges help global growth, stability as Boao Forum kicks off annual meeting

The Boao Forum for Asia (BFA) convened its annual conference in Boao, South China’s Hainan Province on Tuesday, with officials and other participants calling for unity and cooperation in Asia and around the world to jointly tackle rising regional and global challenges, ranging from trade protectionism to geopolitical tension.

In a flagship report released on Tuesday, the BFA, which is often referred to Asia’s version of the World Economic Forum in Switzerland, projected a substantial upswing in economic growth of around 4.5 percent in 2024 and that Asia’s economic integration remains unchanged, while warning of challenges. The report pointed out China’s major contribution to global economic growth with its vast market, highlighting China’s critical role in not just Asia, but also the world.

This year’s BFA drew representatives from more countries and regions than last year’s edition, underscoring the rising influence of not just the BFA itself, but also the host nation – China. Many foreign guests in Boao have highlighted China’s solid economic fundamentals and improving business environment.


Dutch PM begins working visit to China amid chip tensions in spotlight

Prime Minister of the Netherlands Mark Rutte is on a working visit to China from Tuesday to Wednesday, at a time when the Netherlands’ chip export policy has been in the spotlight.

Chinese analysts pointed out that Rutte’s visit is perfectly timed, as his country’s largest company, the semiconductor equipment maker ASML, is seeking to expand outside the Netherlands after raising concerns about the country’s business climate.

They believe that amid weak economic growth, insufficient impetus for technological innovation and spillover effects of the Russia-Ukraine conflict – which most EU state members are faced with – the Netherlands wants to expand cooperation with China in high-end manufacturing, and maintain pragmatic economic and trade cooperation in general.


China urges US to stop politicizing cybersecurity issues

The US, UK, New Zealand and Australia have expressed concerns over the so-called malicious cyber activities from China after releasing “evidence” of infiltration and hacking in recent days and then announcing sanctions, showing strong coordination.

Such groundless accusations have been rejected out of hand on Tuesday by the Chinese Foreign Ministry, which urged the US, the instigator behind the smear campaign, to stop politicizing cybersecurity issues and act responsibly in cyberspace.

The Biden administration on Monday US local time announced a criminal indictment and sanctions against seven Chinese individuals for allegedly conducting hacks against US companies and government officials on behalf of China’s civilian intelligence service, CNN reported on Monday.

The charges come as the British government accused China of being responsible for “malicious cyber campaigns” targeting the country’s Electoral Commission and politicians.

Both the US and UK claimed the Chinese hacking group APT31 was behind the cyber activities. It was accused of targeting the US presidential election in 2020.

Chinese Foreign Ministry spokesperson Li Jian said at Tuesday’s routine press briefing that the Chinese side has made technical clarifications and responses to the so-called APT31-related information submitted by the British side, and made it clear that the evidence provided by the British side was inadequate and relevant conclusions lack professionalism. But unfortunately, there has been no further response from the British side.

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