Recently, the Boao Forum for Asia Economist Roundtable 2023 was held in Beijing, with in-depth discussions on the current international and regional economic situation under the theme of “New Drivers for Global Development”. Representatives from the China Innovation Finance Institute were invited to attend the event and share their research findings on the construction of financial centres, as well as economic transformation and investment cooperation in emerging markets in Asia, the Middle East, and North Africa.
Consultative Conference(CPPCC), Vice-Chairman of the BFA
Consultative Conference(CPPCC)
Participating economists and experts believe that the global economy today is still struggling with a low growth rate, facing multiple challenges such as climate change, global inflation, geopolitical fragmentation, and weakened international cooperation. Countries around the world should enhance cooperation, uphold multilateralism, promote sustainable recovery, boost trade and investment, rely on technological innovation to empower green development, and join hands to address global challenges.
“Emerging economies in Asia and the Middle East face many challenges in growth and transformation, and opportunities lie in complementary cooperation in the future. The emerging and developed economies in Asia outperform in innovation, technology, talents, production capacity, and markets, while those in the Middle East are rich in energy, capital, and geo-economic influence. Asian countries, especially China, export their production capacity to the Middle East and North Africa, offering high-quality products and services to the Arab world with its cost-effective solutions. And a more sophisticated industrial chain ecosystem is crucial to the digitalized economic transformation and inclusive growth of the Middle East and North Africa. If sovereign wealth funds in the Middle East invest more in high-quality financial assets and innovative enterprises in Asian countries at large, China especially, countries in the Middle East would enjoy a long-term and secure industrial base for sovereign wealth management and economic growth, thus sharing the long-term growth benefits in Asia and China through investment. Despite challenges on the way forward, the great potential for cooperation between these two regions in cross-border trade, investment, and financing will be the key driver of their sustainable growth in the future.”
