Li Qiang addresses annual Boao Forum for Asia
Chinese Premier Li Qiang delivered a keynote speech at the annual Boao Forum for Asia, focusing on the importance of peace, stability, and cooperation in securing Asia’s future. The speech highlighted China’s commitment to opening up and undertaking reforms while also promoting global peace and stability.
China can be an anchor for world peace and stability
Li emphasized that China could serve as an anchor for world peace and stability while renewing its commitment to undertake reforms and opening up. He stated that China aims to promote a new development paradigm driven by innovation, overhauling its economic growth pathways.
World leaders attend annual conference
Other leaders who attended the conference included Spain’s Prime Minister Pedro Sánchez, Malaysia’s Prime Minister Anwar Ibrahim, Singapore’s Prime Minister Lee Hsien Loong, Prime Minister of Côte d’Ivoire Patrick Achi, and IMF Managing Director Kristalina Georgieva.
IMF calls for cooperation and solidarity
Kristalina Georgieva from the IMF emphasized the need for cooperation and solidarity to overcome trade fragmentation and diversify supply chains. She acknowledged China’s influence on Asia’s economic growth, saying it was playing an irreplaceable role in global value chains.
China wants to restore foreign investor confidence
China wants to restore foreign investor confidence despite challenges such as slowing global growth, a low birth rate, a real estate crisis, and growing pushback from the US and its allies. The country opposes trade protectionism and decoupling, referring to US efforts to restrict China’s development in key areas such as technology.
World Bank predicts economic slowdown in China
According to the Asian Economic Outlook and Integration Progress report published on the first day of the four-day forum in Hainan, despite the weak start to 2023, China is on the path to recovery after ending the “zeroCOVID” policy. However, the World Bank predicts economic slowdown in China to drag global growth to its lowest level this century.
Asia needs to address the sustained increase in debt levels
The report warned that Asia’s labor market had not fully recovered, and inflation pressures might coexist. The study also emphasized that Asia needed to address the sustained increase in debt levels in its emerging markets and developing economies. At the same time, it should actively promote regional economic integration.
Chinese industrial profits fell by 22.9%
According to government data, Chinese industrial profits fell by 22.9% YoY for January and February. Private firms and state-owned enterprises’ profits fell by 19.9% and 17.5% YoY, respectively, over the same period. Despite this, Asia is predicted to be a “standout performer” considering the global economic slowdown.
Leaders discuss bilateral ties and international issues
Leaders of Singapore, Malaysia, and Spain will pay an official visit to China on the margins of the annual conference where Chinese leadership will hold talks with them respectively for an in-depth exchange of views on bilateral ties and international and regional issues of mutual interest.
Japan calls for release of detained citizen
A Japanese man was detained in Beijing last week, but the reason for his detention and current conditions are unknown. The Japanese side is calling for the release of the detained citizen in China, and the government said that consular access has not yet been realized.
International Day of Remembrance of Victims of Slavery
March 25th marked the International Day of Remembrance of Victims of Slavery and the Transatlantic Slave Trade. The UN General Assembly designated this day to acknowledge historical tragedy with an aim to eliminate the legacy of slavery, racism, racial discrimination, xenophobia and intolerance. Li said that there is still serious racism, discrimination, and inequality in some Western countries.
China calls for political settlement in Ukraine
China advocates a political settlement of the Ukraine crisis, promote peace talks and help deescalate the situation in Ukraine. China hopes that the US will also act responsibly to create the necessary environment for peace talks between the parties concerned.
US applies double standards in issues concerning China’s sovereignty
In issues concerning China’s sovereignty and territorial integrity, the US and Canada have openly applied double standards, reflecting their hypocrisy. The US House committee held a hearing on a report called “Genocide in Xinjiang,” and China would be willing to invite a US congressional delegation to visit Xinjiang and see for themselves what’s happening there.
Overall, Premier Li’s speech at the Boao Forum for Asia emphasized China’s commitment to promoting peace, stability, cooperation and global economic growth while addressing various challenges that face the region such as debt levels, weak growth performance and increasing pushback from the US and its allies.
Image Source: Wikimedia Commons
