China's annual Boao Forum kicked off in Hainan on Tuesday, with the forum's secretary-general Zhang Jun saying the event is even more meaningful amid escalating global geopolitical tensions.

The four-day forum is themed "Shaping a Shared Future: New Dynamics, New Opportunities, New Cooperation" and features some 50 seminars, roundtables and dialogue sessions.

At a press briefing, Zhang said the plenary conference will focus on areas including promoting multilateralism, strengthening regional collaboration and partnerships, as well as advancing technological innovation in Asia, especially artificial intelligence.

But he also said some important guests were unable to attend the summit due to the ongoing conflict in the Middle East.

"We understand the situation," he said.

"Against the backdrop of profound changes in the world order and the escalation of regional conflicts, we call on all parties to immediately cease fire and return to the path of diplomatic negotiations. We should jointly maintain global peace and stability, so as to create a favourable environment for the world economy and global development.

"And under such circumstances, holding the annual Boao Forum also has greater practical significance," he added.

Some 2,000 representatives from 60 countries and regions are expected to attend the event, including Singapore Prime Minister Lawrence Wong, and Kazakhstan First Deputy Prime Minister Roman Skylar.

But Republic of Korea news agency Yonhap reported that the country's prime minister, Kim Min-seok, had cancelled his planed attendance because of the Middle East crisis.

Senior state official Zhao Leji will deliver a keynote speech at the forum on March 26.

Zhang also noted that China's economic development would be highlighted, with one of the forums delving into the country's 15th Five-Year plan to discuss "investing in China".

Meanwhile, the Global Free Trade Port Development Forum will be held as Hainan marks its first year of operating as a customs territory separate from the mainland, with 74 percent of taxable imports enjoying duty-free status.

The forum also released its annual signature economic reports, forecasting that Asia's economy would grow by 4.5 percent year on year in 2026.

While most of the economies in Asia are still in a period of fiscal expansion, with relatively loosened monetary policies, such policies might be adjusted later in the year due to rising oil prices and inflation expectations, the report noted.



Edited by Thomas McAlinden