(Yicai Global) Jan. 13 -- Top executives from global financial institutions expressed confidence in Asia's economy at the 16th Asian Financial Forum, saying China is expected to lead the continent's recovery, while the global economy remains sluggish.

Emerging markets will perform better than their developed counterparts this year, with Asia likely to head global growth, Jose Vinals, chairman of British banking giant Standard Chartered, said at the AFF 2023 held in Hong Kong. The reopening of China's borders is expected to make a positive impact from the second quarter, he added.

The two-day AFF, jointly organized by the Hong Kong Special Administrative Region’s government and the Hong Kong Trade Development Council, ended yesterday. More than 200 global business and political leaders gathered to discuss key issues, including global economic changes, financial stability, and sustainable development.

HSBC Holdings Chairman Mark Tucker noted that the global economy may see a moderate pickup in the second half, while China is likely to have a strong recovery next quarter. China's package of measures to maintain the stability of the real estate sector will benefit both the country and the global economy, he pointed out.

China took the initiative to launch policies that will help restore market confidence and lay a solid foundation for China's economic growth, Gu Shu, chairman of Agricultural Bank of China, told the forum. “We’re trying to upgrade China's industrial system to promote the recovery of domestic demand,” he said.

China will strive to attract foreign investment and provide cross-border opportunities to companies and financial institutions, while fully promoting technological innovation and modernization of its industrial system, said Huang Zhaohui, chief executive of China International Capital, adding that he country will deepen cooperation with leading global companies, universities, and research institutions.

Also speaking at the AFF, Ban Ki-moon, former secretary-general of the United Nations, said the international community should make collective efforts to achieve sustainable development goals, including tackling climate change, food insecurity, poverty, and inequality.

Technological innovation and scientific progress are the keys to achieving all sustainable development targets and help build new transitional partnerships between governments, businesses, civil society organizations, academia, and other key decision-makers, Ban added.

Editors: Dou Shicong, Martin Kaidev