(Yicai Global) April 20 -- The economic recovery of Asian nations including China will still be faster than the global average this year, partly thanks to ongoing regional economic integration, according to the secretary-general of the Boao Forum for Asia.

The Regional Comprehensive Economic Partnership, a massive trade pact that officially came into force in January, will bring greater dividends from opening up of markets and integration of production, trade, investment and finance, Li Baodong said today at the BFA’s annual conference.  

Last year, Asia led the way in recovering from the Covid-19 pandemic and was again an important engine of global growth. Asia’s share of the world economy rose to 47.4 percent in 2021, based on purchasing power parity, according to a report released at the forum. 

The omicron variant has triggered a new round of Covid-19 outbreaks this year and the Russia-Ukraine conflict has also led to rising commodity prices, casting a shadow on recovery of the Asian economy. But the fundamentals of most Asian economies are generally stable, Li said, and there will still be a better-than-average pickup in economies in East and South Asia, including China, India and members of the Association of Southeast Asian Nations. 

China, as the largest economy in Asia and the biggest developing nation, has made great achievements in balancing Covid-19 restrictions with economic development, Li said, adding that China has also become the backbone in the post-pandemic global economic recovery and Asia’s economic integration. 

China has strongly supported international cooperation on the pandemic, as well as supporting the signing of the RCEP trade deal and ensuring the security of industry and supply chains. China has also made significant contributions to poverty alleviation, promotion of low-carbon and environmentally friendly policies and standardization in the development of the digital economy, Li added. 

The BFA’s three-day annual Conference started in Boao in China’s southern Hainan province today. Nearly 1,000 representatives from 42 nations and regions are taking part online and offline. 

Editors: Dou Shicong, Tom Litting