HAINAN — Asia, especially 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.
“Deepened financial integration in Asia has made regional economies more resilient against negative impacts from international capital flows,” according to the executive summary of the report.
The Boao Forum outlook did not go into detail about recent banking turmoil in the U.S. and Switzerland, but said the banking sector is expected to remain stable. It was not clear whether it was referring to the global financial sector or the banking sector in Asia or China.
Instead, the report spent more time discussing the negative impact of aggressive U.S. Federal Reserve interest rate hikes on Asian economies.
It said it expected weighted real GDP in Asia to grow 4.5% this year — up from 4.2% in 2022. , according annual outlook report released Tuesday at the
The report from the Boao Forum, touted by some as Asia’s answer to the Davos World Economic Forum, said most Asian economies are expected to maintain tight monetary policy this year.
Zhang Yuyan, member of the faculty of the Chinese Academy of Social Sciences, said in his presentation of the report that every country’s situation is different, but pointed out China’s latest rate cut took effect Monday.
“Asia held the G-20 summit in the last year and will hold another this year, entering into the ‘Asian moment’ for global economic governance,” the executive summary said.
The Boao Forum for Asia has traditionally been held annually at the Chinese island province of Hainan since 2001. It was cancelled in 2020 due to the Covid pandemic.
The event this year runs from Tuesday to Friday. The International Monetary Fund’s Managing Director Kristalina Georgieva and Singapore Prime Minister Lee Hsien Loong are among the expected attendees this year.
China’s new premier Li Qiang is set to attend and speak at the forum on Thursday.
This article was originally published by CNBC.