Chinese economyresearch report

Report on Asia’s economic prospects and integration process in 2021 From Boao Forum for Asia

The following is the Report on Asia’s economic prospects and integration process in 2021 From Boao Forum for Asia recommended by And this article belongs to the classification: Chinese economy, research report.

The report reflects that the forum is based on Asia and considers with all walks of life the key and hot issues of promoting Asian economic development and economic integration. One belt, one road area and the novel coronavirus pneumonia were used to analyze the economic growth prospects and the integration process of Asia under the epidemic situation. We also focused on the four key hot issues of the post epidemic era, such as digital economic transformation, debt sustainability challenges, regional economic and trade arrangements in Asia, and building the “one belt and one road” quality under the new crown pneumonia epidemic situation.

In novel coronavirus pneumonia, Asian economies experienced a sharp decline in economic growth, but the economy was much better than the rest of the world. Overall, the economic growth rate of Asian economies in 2020 will be – 1.7%, 5.7 percentage points lower than that in 2019, and 3.0 percentage points higher than that of developed economies. The relatively good economic performance has further increased the share of Asia’s total economy in the world. In terms of purchasing power parity, Asia’s share of the world economy in 2020 will increase by 0.9 percentage points to 47.3% compared with that in 2019. As Asia’s largest economy, China leads Asia. In 2020, China’s economy achieved a growth rate of 2.3%, and in the first quarter of 2021, China’s economy grew by 18.3% year on year.

The novel coronavirus pneumonia epidemic has seen its Asian economy suffer the first negative growth in 60 years last year, but overall it showed strong resilience. China is the only major global economy to achieve positive economic growth in 2020. Asia plays an important role in strengthening epidemic prevention and control, maintaining smooth and stable industrial chain supply chain, and promoting trade and investment, while China plays a mainstay role.

In 2020, in the face of the great epidemic in the 21st century and the first economic contraction in 60 years, Asian countries will actively cooperate to fight the epidemic, stabilize the epidemic as a whole and resume production. In 2020, Asia’s share of the world economy will further increase to 47.3%. The process of integration will continue to advance and regional cooperation will continue to deepen. The level of trade integration has steadily improved, Asia as the center of global value chain has not shifted, the service trade links between economies have strengthened, and digital trade has accelerated under the epidemic situation. These exchanges and cooperation provide strong support for Asia to cope with the dual challenges of epidemic situation and economy.

In 2021, with the epidemic gradually under control in the world, the pace of economic recovery in Asia will accelerate, and the overall economic growth of emerging economies in Asia is expected to be higher than that of other regions in the world. The further integration of intra regional trade in goods, service trade led by digital trade, direct investment and financial markets, as well as the improvement of infrastructure connectivity, will become a significant feature of Asia’s economic development after the epidemic.

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