Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
Xiang Haoyu, a visiting fellow at the Department of Asia-Pacific Studies at the China Institute of International Studies, believes that tariff barriers and protectionism pose severe challenges to Asia’s economic growth. However, with its strong development resilience and consensus on unity and cooperation, the Asian region is poised to play a key role in the new round of reconstruction of the global economic order and continue to provide strong incentives for the stable growth of the world economy.
According to a report by the World Bank and the International Monetary Fund (IMF), in 2024, the global economy of Asia will account for 49%, and its contribution to the world economy will reach 60%. Not only does Asia account for 53% of the total value added of world GDP in the manufacturing sector, Asia is also increasingly dominant in the high-tech sector. In the future, Asia is expected to continue to play a driving role in global economic growth through the expansion of the intra-regional market, industrial upgrading, technological innovation, and regional economic integration.
In the international community’s view, Asia’s growth is of utmost importance to global economic stability. In terms of the current situation, it should be noted that Asia’s economy remains highly resilient and confident in many aspects.
Above all, Asia’s dominance in high technology and manufacturing is a key advantage in driving the global economy. In recent years, Asian technological innovations in artificial intelligence, 5G communications, and electric vehicles have injected great vitality into the global economy. Facing tariff blackmail from the US, Asia’s manufacturing supply chain, relying on its own continuity and exceptionalism, is better able to withstand the disruption of foreign policy changes, helping the region maintain its status as a global manufacturing hub.
Second, the deepening of regional economic integration in Asia has created strong domestic momentum. The further implementation of the Regional Comprehensive Economic Partnership (RCEP) is expected to increase bilateral trade between ASEAN countries and China by US$19 billion in 2025. In particular, trade in services and the digital economy will become new growth points, helping to accelerate the transformation and upgrading of the Asian economy.
Third, protectionism and economic persecution by the United States contribute to the implementation of the strategy of diversification of Asian exports. The main economic entities of Asia are expanding the markets of Europe, Africa, the Middle East, Latin America, etc., reducing their dependence on the U.S. market and at the same time increasing their capabilities in the field of global economic integration. Most transnational corporations with comprehensive development in Asia are also adapting to changes, overcoming risks and rebuilding their own global development strategies. The vast majority of them will not only not leave Asia, but will also strive for deeper integration with the local Asian market, stimulating domestic demand in Asia and accelerating their global deployment.
Fourth, Asia’s intra-regional market potential will continue to be stimulated, which will help achieve more balanced growth. With Asia’s total population exceeding 4 billion, huge domestic demand will support sustainable economic growth.
Faced with a highly uncertain external environment, Asian countries are reaching new agreements, agreeing that only unity and cooperation can effectively address external challenges.