China enters “Boao moment” in the changing world

Hi everyone. I’m Stephanie LI.Coming up on today’s programBoao Forum for Asia kicks off its annual conference with a highlight in cooperation amid uncertainties;BYD closes out record 2024 with over USD100 billion in sales.Here’s what you need to know about China in the past 24 hours With the conclusion of the China Development Forum (CDF), one of the country's major international event, China ushers in its "Boao moment," as the Boao Forum for Asia (BFA) kicks off its annual conference in South China's Hainan Province on Tuesday. With the theme "Asia in the changing World: Towards a shared Future", this year's event, which will be held from Tuesday to Friday, will focus on development, foster dialogue, explore innovative formats, and value tangible outcomes, all aimed at promoting international development and cooperation, according to the event organizer.Chinese Vice Premier Ding Xuexiang will deliver a keynote speech at the opening plenary on Thursday.The event is set to bring together nearly 2,000 representatives from over 60 countries and regions. Over four days, the forum will feature around 50 events and sub-forums and focus on four subject areas: building trust and promoting cooperation in a fast-changing world; re-balancing globalization for inclusive development; accelerating the Sustainable Development Goals for more effective responses to global challenges; and strengthening AI application and governance for innovation-driven development.Amid rising trade tensions, the BFA once again serves as a vital economic cooperation platform for the region, an important occasion for Asian nations to address trade pressures, including growing protectionist moves from certain countries that are reshaping global trade patterns, experts noted. The forum also released its flagship report today, projecting the Asian economy to grow by 4.5 percent in 2025, with its share rising to 48.6 percent among the world's economic output measured by purchasing power parity.The Asian Economic Outlook and Integration Progress Annual Report 2025 said economies including China, India, Vietnam, the Philippines, Mongolia, Cambodia and Indonesia will maintain a relatively high growth rate over 5 percent.China and ASEAN remained the most attractive Asian economies for foreign investment, the report noted. With regard to innovation, Asia far exceeded other regions in terms of research and development investment intensity and patent filings. Steady progress has also been made in new-generation trade agreements such as the RCEP, CPTPP, and DEPA.Asia has become a key pillar of global value chains, as China has basically maintained its dominance and ASEAN has remarkably elevated its position in global value chains, while India has been increasingly integrated into Asia’s regional value chains, according to the report.Chinese Vice-President Han Zheng met with John Swire & Sons Limited CEO Merlin Swire and Novartis CEO Vas Narasimhan on Monday in Beijing, who are here for the China Development Forum 2025. Han noted that the Swire Group, a globally renowned multinational company, has seen strong development in both the Chinese mainland and the Hong Kong SAR. He expressed hope that the company will actively contribute to the building of the Greater Bay Area (GBA) and the Hainan Free Trade Port, while also supporting Hong Kong's role as an international aviation hub. During his meeting with Vas Narasimhan, Han praised Novartis as a world-renowned innovative pharmaceutical company that has made significant contributions to global health. It is hoped that Novartis will seize the opportunity, give full play to its own advantages, deepen and expand mutually beneficial cooperation between the two sides, and achieve greater development in China, he said. Merlin Swire and Vas Narasimhan both spoke highly of China's economic and social development achievements in recent years, and expressed optimism about the country's future prospects and confidence in investing in China.Meanwhile, Commerce Minister Wang Wentao met with Cristiano Amon, president and CEO of Qualcomm, in Beijing yesterday, the commerce ministry said. The US communications giant will continue to increase its China investments and facilitate constructive dialogue between the two countries, Amon noted. Wang also met with Apple CEO Tim Cook on Monday. The US tech giant is ready to actively promote the stable, healthy development of China-US economic and trade relations, Cook said.GBA expressHong Kong will seize every opportunity to “make more friends” with mainland and international partners at the Boao Forum, Chief Executive John Lee Ka-chiu said. In a Facebook post, he emphasized the forum’s role in advancing multilateralism and addressing global challenges. Lee is set to speak at the Global Free Trade Port Development Forum on Tuesday, highlighting Hong Kong’s strengths in trade, finance, and connectivity.JD.com has expanded its operations in Hong Kong with a new operation center. And the Chinese e-commerce giant has also rolled out a new refund policy to boost business. Its supply-chain subsidiary JD Logistics opened its fifth operation center - occupying over 10,000 square feet in Chai Wan - in a bid to meet growing demand for logistics services, according to Invest Hong Kong.Hong Kong, benefiting from capital market recovery, is expected to surpass Switzerland between 2027 and 2028 to become the world’s largest wealth management center, said HSBC chairman Mark Tucker at the Global Investment Summit 2025 in Hong Kong.Industry and Company newsChina's leading NEV manufacturer BYD reported the strongest ever annual performance driven by booming car sales. BYD's net profit grew 34 percent year-on-year to 40.25 billion yuan last year, the company said in a filling late Monday. It generated 777.1 billion yuan in revenue, an annual increase of 29 percent. BYD's total deliveries last year climbed to 4.27 million and forecast to sell between 5 million to 6 million vehicles this year. The Chinese EV maker also increased the dividend by 28 percent to 39.74 yuan per 10 shares. BYD's shares in Hong Kong have risen by 51 percent year-to-date.Xiaomi’s shares tumbled 6 percent today after revealing plans to place 800 million existing shares at HKD53.25 each. The offering will likely raise around HKD42.5 billion for business expansion, R&D investment, and other general purposes.Artificial intelligence is developing rapidly, and risks are emerging, Alibaba chairman Joseph Tsai Chung-Hsin said at a summit in Hong Kong. Tsai noted that various institutions are eager to increase their investments into AI, leading to the formation of a bubble in the industry. Award-winning AI researcher Qi Guojun has returned to China and joined Westlake University in Hangzhou as head of its AI lab, after a decade-long career in the US, the website of the university showed. Qi was appointed Technical VP and Chief AI Scientist of Huawei's US Research Center in 2018, and later founded the Oppo Research Center in Seattle.China lifted the maximum credit for small and micro enterprises to 50 million yuan from 30 million yuan and set the maximum credit for self-employed businesses at 10 million yuan to increase financial support for stabilizing and expanding employment, the Ministry of Human Resources and Social Security announced yesterday.Chinese tennis player Zheng Qinwen advanced to the quarterfinals of the Miami Open after defeating American Ashlyn Krueger today. She will face top seed and world No. 1 Aryna Sabalenka next.Asia-Pacific highlightsDeeper regional integration — especially in terms of trade, investment and migration — has been the key driver of growth in the Asia-Pacific region for the past 20 years, but such gains are being threatened by geopolitical tensions that constrain global trade, according to a report of the Asian Development Bank. The Asian Economic Integration Report 2025, published on Monday, said that the degree of trade integration in Asia is comparable to that of the EU plus the UK. While financial integration has lagged, regional integration in foreign direct investment has advanced significantly, while that of "movement of people" — which covers migration, remittances and tourism — has remained steady, the report said.