Boao Forum for Asia 2025 Amid Global Shifts: Xi Jinping Meets with Global Business Leaders
The 2025 Annual Conference of the Boao Forum for Asia (BFA) commenced on March 25 in Boao, Hainan Province, China, under the theme “Jointly Creating Asia’s Future Amidst Global Changes.” The conference seeks to foster cooperation and development throughout Asia amidst significant global transformations.
The event features over 50 sub-forums and approximately 20 press conferences, addressing key topics such as China’s economic reforms and outlook, population aging and pension reform, and constructing new energy systems. Around 2,000 delegates from more than 60 countries—including government officials, business leaders, and subject matter experts—are attending, reflecting Asia’s strong commitment to regional cooperation and stability.
The conference revolves around four central themes:
- Grasping the Trend: Rebuilding trust and enhancing international cooperation amid global changes.
- Promoting Growth: Advancing globalization and inclusive economic development.
- Shaping the Future: Accelerating sustainable development goals and addressing global challenges.
- Exploring Momentum: Strengthening AI applications and governance frameworks to drive technological innovation.
On March 29, Chinese President Xi Jinping met with 40 prominent business leaders at the Boao State Guesthouse. President Xi reiterated China’s commitment to further opening its economy, improving the business environment, safeguarding the rights of foreign investors, and enhancing government services. He emphasized China’s role as a key driver of economic growth in Asia and worldwide, underlining the importance of deepening reforms and strengthening the rule of law to achieve sustainable development.
Key attendees, including Prince Saud from Saudi Basic Industries Corporation (SABIC), praised the forum’s success and advocated for enhanced regional collaboration. Samsung Electronics Vice Chairman Lee Jae-yong highlighted the improved investment climate in China, reaffirming Samsung’s long-term commitment to the Chinese market.
China’s PMI in March Shows Economic Expansion
According to data released by the National Bureau of Statistics on March 31, China’s Manufacturing Purchasing Managers’ Index (PMI) for March rose to 50.5%, an increase of 0.3 percentage points from the previous month. While this figure indicates a continued modest expansion in overall manufacturing activity, performance varied notably by enterprise size.
Large enterprises reported a PMI of 51.2%, down by 1.3 percentage points, while medium and small enterprises showed improvement, though still below the critical threshold at 49.9% and 49.6%.
Among the manufacturing sub-indices, the Production Index increased to 52.6%, up 0.1 percentage points from the previous month, indicating a further acceleration in production activities. The New Orders Index also improved, reaching 51.8% with a 0.7 percentage point increase month-over-month, signaling a continued improvement in market demand for manufactured products.
On the downside, the Raw Materials Inventory Index rose to 47.2%, an increase of 0.2 percentage points, but remained in contraction, indicating a narrowing decline in key raw material stocks. Meanwhile, the Employment Index in the manufacturing sector declined slightly to 48.2%, down 0.4 percentage points, suggesting a slight pullback in labor market conditions. Additionally, the Supplier Delivery Time Index fell to 50.3%, down 0.7 percentage points, but remained above the threshold, indicating continued faster delivery times from raw material suppliers.
Beyond manufacturing, the Non-Manufacturing PMI increased to 50.8%, a 0.4 percentage point rise， indicating a slightly faster expansion in the service sector. Meanwhile, the Composite PMI Output Index increased to 51.4%, a modest gain of 0.3 percentage points, pointing to a further overall rebound in business activity.
Data Source: https://www.stats.gov.cn/sj/zxfb/202503/t20250331_1959176.html
China’s Tourism Economy Expected to Reach Record Highs in 2024 and 2025
According to the China Tourism Academy’s latest “Blue Book,” the tourism economy in 2024 is set to achieve multiple record-breaking indicators. In 2024, domestic tourist trips in China totaled 5.615 billion, an increase of 724 million trips, or 14.8%, compared with the previous year. Total spending by domestic tourists reached CNY 5.75 trillion, up by CNY 840 billion, representing year-on-year growth of 17.1%. Inbound tourist arrivals reached 131.9 million, up 60.8% from the previous year. Among these visitors, 26.94 million were foreign nationals, while 104.96 million came from Hong Kong, Macao, and Taiwan. Total spending by inbound tourists rose sharply to USD 94.2 billion(approximately CNY 687.6 billion), a growth of 77.8%. Notably, visa-free entries by foreign nationals surged to 20.12 million, an increase of 112.3%. Outbound trips by mainland residents totaled 145.89 million, of which 140.15 million were for private purposes. Trips to Hong Kong, Macao, and Taiwan accounted for 97.12 million departures.
Furthermore, outbound tourism will grow by 44.5%, with visa facilitation contributing to a 112.3% surge in visa-free arrivals. The overall tourism economy is predicted to see a robust expansion, with record highs in tourism-related jobs, fixed asset investment, and market entities such as scenic spots, resorts, and travel agencies.
Looking ahead to 2025, the tourism sector will focus on increasing domestic demand, expanding high-quality tourism services, and enhancing both domestic and international tourism accessibility. Expanding inclusive tourism, improving infrastructure, and fostering industry integration will be key priorities for sustaining the growth momentum.
The tourism market will continue to thrive, benefiting from increased government support, improved infrastructure, and growing consumer demand. Major sectors such as holiday tourism, new employment, and tourism-related investments are expected to further contribute to the ongoing boom in the coming years.
Data Source: https://www.ctaweb.org.cn/?m=home&c=View&a=index&aid=10017
Hefei Becomes World’s First City Certified for Commercial eVTOL Flights
On March 28, Hefei made history as the world’s first city to receive an official Civil UAV Operation Certificate from the Civil Aviation Administration of China (CAAC). This landmark certification authorizes Hefei Heyi Aviation to offer commercial services utilizing advanced electric vertical takeoff and landing (eVTOL) aircraft, particularly the cutting-edge EHang EH216-S model.
Having already demonstrated exceptional safety through more than 60,000 successful flights, these eVTOL aircraft are poised to transform urban air mobility, significantly enhancing logistical efficiency and boosting local tourism. By effortlessly navigating urban airspace, these drones promise to relieve traffic congestion on the ground while providing swift, environmentally friendly transportation options.
Hefei Heyi Aviation plans to launch its commercial services at key locations, starting with Luogang Park. Passengers will soon be able to experience innovative urban air commuting and scenic aerial tours, enjoying spectacular views of Hefei’s vibrant cityscape and surrounding landscapes.
Beijing Pauses New State-owned Enterprises Collaborations with Li Ka-shing Amid Panama Port Sale Controversy
Beijing has instructed state-owned enterprises to pause new collaborations with businesses linked to Hong Kong billionaire Li Ka-shing. This directive follows CK Hutchison’s plan to sell two Panama ports to a BlackRock-led consortium. The $19 billion deal became politically charged when US President Donald Trump framed it as America reclaiming strategic assets from Chinese influence.
The pause order does not affect existing partnerships and may not lead to permanent restrictions. However, it signals Beijing’s displeasure with the 96-year-old tycoon’s business decisions. Chinese regulators are also reviewing the Li family’s global investments to better understand their operations. CK Hutchison’s shares showed volatility following the news, as investors await the April 2 signing date.
China’s Foreign Ministry emphasized opposition to “economic coercion and bullying” when addressing the situation. Beijing is investigating the deal for potential security and antitrust violations, though its leverage may be limited. Analysts suggest the massive cash injection from the port sale might outweigh any setbacks in Li’s mainland China operations.
The impact on Li’s business empire may be contained, as CK Hutchison derives only 12% of its revenue from Hong Kong and mainland China. His son Victor’s property arm has significant mainland exposure with one-fifth of its rental properties there. Meanwhile, younger son Richard’s recent invitation to a Beijing summit suggests the family isn’t entirely blacklisted. Despite tensions, the parties involved are proceeding toward the planned signing date.