A view of Xiuying Port in Haikou, South China's Hainan Province File photo: VCG

At this year's Boao Forum for Asia (BFA) Annual Conference in South China's Hainan Province, one topic has gained much attention: the high-quality development of the Belt and Road Initiative (BRI) - and its critical role in promoting regional and global development amid various challenges.

"Many people are getting left behind in the processes of change around the world. Within societies, we are becoming more unequal. I think China confers through its very strong relations, help other countries move on. This can be done through very straightforward technical cooperation, transferring expertise, [and] providing financial support," Guy Ryder, Under-Secretary-General for Policy at the UN, told reporters on the sidelines of the BFA Annual Conference.

Notably, Ryder made a reference to the BRI. "I am aware of the investments taking place through the Belt and Road Initiative. We need China to be a bilateral player in the region and beyond the region. Equally important, we need China's presence in the multilateral arena, in the UN. It helps us navigate the turbulent times we are living in and helps us put in place the global governance structures that we need," he said.

Other attendees at the BFA Annual Conference also frequently talked about the great success of the BRI so far and vast potential for cooperation going forward.

A view of the venue of the Boao Forum for Asia Annual Conference in South China's Hainan Province on March 27, 2025 Photo: Yin Yeping/GT

'Remarkable success'

"The BRI has emerged as one of the most significant global initiatives of the past years. Through this initiative, various port structures, railways, and economic zones have been built across Asia and beyond. Many ports have been developed in Africa under this initiative. As a result, the initiative has achieved remarkable success, with a substantial amount of capital invested," Yasiru Ranaraja, founding director of the Belt and Road Initiative Sri Lanka, told the Global Times on the sidelines of the BFA.

Ranaraja added that the BRI has helped decentralize global supply chains, a core strength of the initiative, by expanding inter-country connectivity and diversifying global linkages.

Data from China's Commerce Ministry (MOFCOM) showed that in 2024, China's trade in goods with BRI partner countries hit 22.1 trillion yuan ($3.04 trillion) in 2024, up by 6.4 percent year-on-year, with nearly 54 percent of China's imports coming from BRI partner countries. 

In terms of investment, in the first 11 months of 2024, China's non-financial direct investment in BRI countries totaled 214.66 billion yuan, while investment in China from those countries climbed to 99.87 billion yuan. 

During the same period, China signed 36 investment cooperation agreements with BRI countries, and organized and implemented 700 aid projects in those countries, helping to improve their development, Xinhua reported in January, citing an official from the MOFCOM. 

"The joint initiative has repeatedly proven the benefits it brings to many countries worldwide," Ranaraja said, adding that now is not the time to worry about groundless allegations in Western media against the BRI.

Ranaraja is not alone in calling for disregarding the noise in some Western media and focusing on advancing cooperation. Many attendees at this year's BFA annual conference emphasized high-quality BRI development across infrastructure, digital economy, and financial cooperation.

Advancing cooperation

Song Hailiang, chairman of China Energy Engineering Group Co, said that the BRI's second golden decade presents major development opportunities and that his firm will deepen cooperation in technology, industrial upgrades, and infrastructure.

Song Hailiang noted that China Energy Engineering Group Co is dedicated to supporting high-quality development of the BRI. The company plans to expand practical cooperation in BRI countries, focusing on areas such as technology research and development, industrial upgrading, and project implementation. The goal, he said, is to achieve win-win and multi-win outcomes, and to jointly build a community with a shared future.

The location of the BFA, Hainan, also highlighted the vast potential for future BRI cooperation, as it has been intensifying efforts to build itself into a free trade port (FTP), aiming to establish independent customs operations by the end of 2025.

As Hainan accelerates its development as an FTP and gateway for China's opening-up, experts said that it plays a key role in advancing BRI cooperation and boosting regional economic vitality, leveraging its geographical and policy advantages.

The development of the Hainan FTP is a key strategic initiative in China's broader push for high-level opening-up, Zhou Xiaochuan, vice chairman of the BFA, said during the annual conference.

Amid global economic turbulence, Hainan can take advantage of its geographical proximity to ASEAN to actively cooperate with ASEAN under the RCEP framework, while promoting the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to play a greater role and become an important fulcrum for building an open world economy, Zhou said.

Hainan FTP plays a vital role in global logistics, boosting trade flows and connectivity, Song Wei, a professor from the School of International Relations and Diplomacy at Beijing Foreign Studies University, told the Global Times on the sidelines of the BFA Annual Conference.

Song Wei noted that Hainan's short negative list and tax incentives make it attractive to foreign investors, supporting capital flow and BRI investment. In addition, as a cultural tourism city, Hainan also helps promote the cultural and people-to-people exchanges along the BRI, she said.