Asia's economic growth projected to reach 4.5% this year: Boao report

Asian economy, one of the world's major growth engines, is projected to grow by 4.5 percent in 2025, with its share rising to 48.6 percent among the world's economic output measured by purchasing power parity, according to the Asian Economic Outlook and Integration Progress Annual Report 2025, which was released by the Boao Forum for Asia on Tuesday.

Economies including China, India, Vietnam, the Philippines, Mongolia, Cambodia and Indonesia will maintain a relatively high growth rate over 5 percent. The report noted that China has continued to report a record high in both goods and services trade.

When it comes to investment, the global reliance of foreign investment on Asian economies picked up despite some fluctuations, reaching around 60 percent in recent years.

China and ASEAN were still the most attractive Asian economies for foreign investment, the report noted.

With regard to innovation, Asia far exceeded other regions in terms of research and development investment intensity and patent filings, emerging as a global leader in technological innovation. Asia now stands at the forefront of a new industrial revolution.

In the face of strong headwinds for economic globalization, Asia has achieved a greater success in deepening regional economic integration, said the report.

Steady progress has been made in new-generation trade agreements such as the Regional Comprehensive Economic Partnership, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, and the Digital Economy Partnership Agreement.

Asia has become a key pillar of global value chains, as China has basically maintained its dominance and ASEAN has remarkably elevated its position in global value chains, while India has been increasingly integrated into Asia's regional value chains, according to the report.

With its huge domestic market and unique advantages, China plays a vital role in safeguarding trade stability across the Asia-Pacific region. Meanwhile, China's high-level opening-up will unlock the great potential of regional cooperation, the report noted.