BOAO, Hainan, March 25 (Xinhua) -- Amid choppy global economic waters, China's high-quality development has drawn renewed attention at the ongoing Boao Forum for Asia (BFA) annual conference, as the world searches for a steady beacon in a thickening fog of uncertainty.
The country's innovative, coordinated, green, open and shared development is offering markets and economies worldwide a dual boost of stability and growth momentum, according to policymakers, scholars and business leaders gathered at the resort town in south China's Hainan Province.
Facing headwinds including tariffs and global crises, China has demonstrated strong resilience in recent years, injecting invaluable stability into global supply chains, said Denis Depoux, global managing director at Munich-based consultancy Roland Berger.
Founded in 2001, the BFA is celebrating its silver jubilee at this year's annual conference, which coincides with the opening year of China's 15th Five-Year Plan (2026-2030), a blueprint for advancing Chinese modernization through high-quality development. Key priorities include innovation, green development and high-standard opening up.
"In an increasingly uncertain geopolitical landscape, the 15th Five-Year Plan provides a level of institutional certainty that is rare globally," said Zheng Yongnian, a renowned scholar and professor at the Chinese University of Hong Kong, Shenzhen in south China's Guangdong Province.
China's ambition of elevating its per capita GDP to the level of a moderately developed country by 2035 requires a steady annual growth rate of 4.5 to 5 percent, meaning it will still contribute around 30 percent of world growth over the next five to ten years, said Zheng.
China set a GDP growth target of 4.5 percent to 5 percent for 2026, markedly outpacing the International Monetary Fund's January projection of 3.3 percent for the global economy.
In the outline of the 15th Five-Year Plan approved by China's top legislature this month, the country has pledged to remain committed to opening up, cooperation and mutual benefit, steadily expand institutional opening up, and build new, open and higher-standard economic systems.
The island of Hainan, home to the BFA annual conference, offers a front-row seat to China's high-standard opening up in action. The Hainan Free Trade Port, the world's largest free trade port by area, is fast approaching its 100th day of island-wide special customs operations since the landmark policy took effect last December.
Describing China as a "leader in technology," Jack Perry, chairman of The 48 Group in Britain, said this edge will drive both exports of advanced machinery and demand for resources, making efficient trade structures increasingly essential.
Free trade zones are key to supporting such developments, according to Perry. "I believe Hainan is going to be a leader in this area," he added.
China's openness has fostered a strong innovation ecosystem, according to Lin Guijun, former vice president of the University of International Business and Economics.
With the country's wealth of talent, capital and policy support, more and more multinational corporations are now anchoring their global innovation strategies in China, said Lin.
For multinationals, China represents a dynamic, multifaceted growth platform, Depoux noted. "The opportunity is not just to sell to China, but to grow with China as it builds new corridors of cooperation, especially with the Global South."
Describing Chinese modernization as "open-source" in nature, Zheng said China's development stands in sharp contrast with Western models that often "kick away the ladder" and monopolize development opportunities.
Instead, China "is extending its ladder" to the rest of the world. By encouraging and supporting other countries' development, the country seeks to advance shared global modernization, Zheng told the forum. ■
