At the annual Boao Forum, China’s deputy head of the foreign exchange regulator, Xu Zhibin, asserted that the country will effectively manage international financial risks and maintain a balance between risk prevention and capital account opening. This statement comes amidst a backdrop of economic competition between nations impacting the fight against climate change, according to China’s new climate chief Liu Zhenmin.
During the four-day Boao gathering, discussions ranged from globalization to artificial intelligence governance and carbon pricing. Industry executives highlighted the challenge of meeting rising electricity demand while transitioning to renewable energy sources, emphasizing the complexity of the energy transition process.
In the solar sector, China’s dominance is facing quality risks due to fierce competition and cost-cutting measures. Longi Green Energy Technology Co. chairman Zhong Baoshen warned against sacrificing quality for lower costs in the industry.
Additionally, the forum addressed geopolitical tensions in the South China Sea, with panelists expressing concerns over potential conflicts and emphasizing the need for stability in the region. China’s stance on economic competition as a new climate risk was also highlighted, with Chinese officials underscoring the impact of protectionism on clean energy adoption.
As the world’s second-largest economy continues to face challenges such as weak demand and regulatory tightening, discussions at the Boao Forum included pitches for green projects seeking Belt and Road funding. These projects aim to promote environmentally friendly initiatives in countries like Colombia and Laos.
Overall, the Boao Forum provided a platform for dialogue on pressing global issues, from economic competition and climate change to regional security and infrastructure development. Participants emphasized the importance of international cooperation and sustainable practices in navigating the complex challenges of the modern world.