The Asian economy is expected to grow by around 4.5 percent in 2024, surpassing that of 2023, and continue to be the largest contributor to global economic growth, according to a report released Tuesday by the Boao Forum for Asia (BFA) which convenes its 2024 conference in Boao, a resort town in southern China's Hainan Province.

According to the forum's Asian Economic Outlook and Integration Progress Annual Report 2024, despite facing various external economic challenges, the Asian economy will still maintain a relatively high growth rate, supported by relatively strong consumption and proactive fiscal policies.

An aerial drone photo taken on March 18, 2024, shows a view of Dongyu Island in Boao, south China's Hainan Province. The BFA Annual Conference 2024 will be held from March 26 to 29 in Boao, focusing on how the international community can work together to deal with common challenges and shoulder their responsibilities. /Xinhua

The report also points out that China will continue to be a major contributor to global economic growth, and its large market size will bring huge dividends to the world.

Li Baodong, secretary-general of the Boao Forum for Asia, delivered a speech at the conference.

BFA Annual Conference 2024 takes place in south China's Hainan Province. Li Baodong, secretary-general of the Boao Forum for Asia, delivers a speech at the conference, March 26, 2024. /CMG

According to Li, this year's annual meeting has set up "4+1" sections, namely "World Economy," "Science and Technology Innovation," "Social Development," "Meeting Challenges Together" and "International Cooperation." 

"We hope that through the discussion of the above sections, we can further enhance the consensus that the realization of sustainable development is the common interest of the world," Li said. "Solidarity and cooperation are the common responsibility of the international community."

(With input from Xinhua)