The session titled “Enhancing Global Economic Governance: the Role of the Global South” at the Boao Forum for Asia 2026 (Mar. 24-27, Boao, Hainan Province) Photo: IC PHOTO

From March 24 to 27, the 2026 annual conference of the Boao Forum for Asia (BFA) convened in Boao, south China’s Hainan Province, under the theme “Shaping a Shared Future: New Dynamics, New Opportunities, New Cooperation.” Around 2,000 participants from more than 60 countries and regions gathered to address a central question: In an era when the old order is fading and a new one has yet to take shape, how can Asia evolve from being a passive adapter to an active shaper? CSST interviewed scholars from China and abroad to explore what kind of cooperation mechanisms can truly fulfill the promise of a shared future in an uncertain world.

Nadia Helmy, an expert on Asian affairs at Beni Suef University in Egypt, told CSST that amid rising geopolitical tensions, economic fragmentation, and technological transformation, this year’s conference offered forward-looking insights and a “Boao approach” for a world seeking certainty. As uncertainty becomes a defining feature of global affairs, she emphasized, restoring confidence in multilateralism and global governance has emerged as a central challenge.

With the full implementation of the Regional Comprehensive Economic Partnership (RCEP) and upgraded cooperation under the China–ASEAN Free Trade Area framework, regional integration continues to accelerate. Helmy noted that RCEP contributes to economic stability by “acting as a shield against global protectionism by eliminating 92% of tariffs and simplifying customs procedures, thus reducing reliance on traditional external markets.” She added that the agreement also “provides a framework to enhance the stability of free trade flows and deepen ties between ASEAN countries, China, Japan, South Korea, Australia, and New Zealand.”

“Driven by the deepening implementation of RCEP, the continued expansion of domestic demand, and the powerful momentum of technological innovation and the green revolution, Asia’s economy has continued to maintain a relatively high growth rate, serving as a key stabilizing force for the global economy,” said Wang Cungang, a professor from the Zhou Enlai School of Government at Nankai University.

Liu Wen, a professor from the Business School at Shandong University, stressed that the benefits of regional economic cooperation mechanisms such as RCEP are shifting from the initial stage of tariff reductions to a deeper phase of rules integration. The next breakthrough in regional economic, trade, and industrial cooperation, Liu noted, will depend on institutional openness and the restructuring of regional value chains.

In Helmy’s view, the theme “Shaping a Shared Future” reflects a strategic shift from traditional Western hegemony toward a multipolar model in which developing countries play a more prominent role as genuine partners. “Developing countries are no longer merely recipients of policies but have become key drivers of economic dynamism and geopolitical ambition, supported by initiatives such as China’s Global Governance Initiative and the expansion of the BRICS group,” she said.

Substantive reform of the international financial system remains difficult, particularly for institutions such as the International Monetary Fund and the World Bank, Helmy noted, due to complex voting structures. In this context, she suggested that the Boao forum, bolstered by China’s growing influence, could stimulate alternative financing arrangements, including strengthening regional emergency reserves and advancing initiatives such as the Belt and Road Initiative as financing options for developing countries.

Regarding how Asia can build consensus and inject greater certainty into an uncertain world, Wang articulated three priorities: first, uphold multilateralism and move away from bloc confrontation and zero-sum thinking; second, jointly address global challenges such as climate change, food security, energy security, and various cooperation bottlenecks while sharing development opportunities; and third, strengthen policy coordination and people-to-people connectivity within the region, resolving differences through equal consultation and deepening ties through mutual benefit and win-win cooperation.

China’s commitment to continuously expanding high-standard opening up is also expected to bring long-term stability to the global economy. Among these efforts, the development of the Hainan Free Trade Port has attracted particular attention at this year’s forum, as it steadily emerges as a new gateway for international investment and cooperation. Liu Feng, director of the Research Center of the Free Trade Port with Chinese Characteristics at Hainan Normal University, pointed out that this year’s conference was held shortly after the launch of island-wide special customs operations at the Hainan Free Trade Port, and that the upgraded Global Free Trade Ports Development Forum, a BFA sub-event, has created new opportunities for the port to deepen regional cooperation through expanded exchanges.