Asia to bank on solidarity as bulwark against economic irrationality

Since Donald Trump assumed office on January 20 this year, he has projected an image of someone who views dissenters and economically competitive nations as adversaries. This mindset has plunged the global landscape into chaos, with Trump seemingly convinced that every foreign country is scheming to exploit the United States. The result? A reckless wave of tariffs imposed indiscriminately.

China, as a rising global economic powerhouse, has borne the brunt of this "Trump-tariffication." But the fallout hasn't spared Europe, Africa, the Americas (excluding the US), or even Malaysia. The ripple effects of these tariffs have left no corner untouched.



Yet, China appeared to anticipate the storm. Just a week before the infamous White House Rose Garden tariff announcement, Vice Premier Ding Xuexiang made a compelling case for greater Asian solidarity. Speaking at the Boao Forum for Asia (BFA) Annual Conference 2025, Ding championed the idea of opening economies rather than closing them off.

Against a backdrop of global instability, Asian nations were urged to unite in building a shared future for humanity, fostering cooperation, and paving the way for a brighter tomorrow.Held in Boao, Hainan Island, Ding's address outlined actionable steps for Asia to navigate these turbulent times and how its collective solidarity can withstand any trade or economic shockwave.He also shed light on China's vision for modernisation, emphasising the dynamism of the private sector.

Highlighting Asia's growing share in the global economy, Ding celebrated the region's transformation into the world's most dynamic and promising area—thanks to its commitment to openness and global integration.At the same forum, former UN Secretary-General and BFA Chairman Ban Ki-moon echoed these sentiments, crediting globalisation, free trade, and open regionalism as the cornerstones of the "Asian miracle." He stressed the urgent need for mutual trust, win-win cooperation, and the preservation of free trade in the face of rising protectionism.

Ding also revisited President Xi Jinping's vision for Asia's shared future, articulated a decade ago at the same forum: "Only when the world prospers can Asia prosper, and only when Asia prospers can the world prosper."Ding also highlighted the strides made in building an Asian community with a shared destiny, citing milestones like the Regional Comprehensive Economic Partnership (RCEP) and the Asian Infrastructure Investment Bank (AIIB), which have bolstered regional economic integration.Landmark Belt and Road projects, such as the China-Laos Railway, Jakarta-Bandung Railway, and the China-Pakistan Economic Corridor, were spotlighted as symbols of Asia's connectivity and progress.

Ding called for deeper solidarity, rooted in Asian values of peace, inclusiveness, and cooperation, while advocating for true multilateralism and consensus-building.Looking ahead, Ding urged Asia to leverage regional cooperation mechanisms to implement the RCEP effectively, finalise the China-Asean Free Trade Area 3.0 Upgrade Protocol, and enhance regional connectivity as he envisioned Asia's openness in driving a global economy powered by advancements in artificial intelligence, big data, and new energy.

The China-Asean Free Trade Area (FTA) 3.0 Upgrade is an enhanced version of the existing trade agreement between China and Asean aimed at modernising and expanding the scope of cooperation to include the digital economy, green economy, and supply chain connectivity; and to deepen existing commitments in customs procedures, trade facilitation, and economic and technical cooperation, as well as supporting micro, small, and medium enterprises.On China's part, sweeping reforms aimed at creating a pro-business environment were unveiled, including fast-tracking a private economy promotion law to foster private sector growth and expanding market access for foreign investors in sectors like telecommunications, medical services, and education.

These reforms are designed to position China as a beacon of openness and modernisation."We aim to offer a first-rate business environment that is market-oriented, law-based, and internationalised," Ding declared, signalling a new chapter for China and Asia in the global economic narrative.© New Straits Times Press (M) Bhd.