Bill Condon says the conversations in Hainan are part of an ongoing effort to ensure that Asia continues to develop in open, innovative and cooperative ways

The Boao Forum for Asia Annual Conference 2026, held at a time of mounting global economic uncertainty, framed discussions that stretched from trade and multilateral coordination to artificial intelligence and the transition to greener growth.

For Hong Kong, the forum was an important event. As a city built on trade, finance, and cross-border exchange, it has a direct stake in how Asia responds to global uncertainty. The issues debated in the forum — openness, cooperation, and technological change — are at the heart of Hong Kong’s economic prosperity.

The Boao Forum for Asia was formally inaugurated in 2001 as a nongovernmental, nonprofit platform for dialogue among leaders from government, business and academia. Often described as an “Asian Davos”, it has been held annually in Boao, a coastal town on Hainan Island, since 2002. Its aim has been to encourage closer economic integration across Asia, support the region’s long-term development, and provide space to discuss shared global challenges.

Over the past 25 years, the forum’s scope has broadened. What began largely as an economic forum now addresses questions shaped by geopolitical tensions, technological change, and the growing urgency of sustainable development.

This year’s event unfolded against a backdrop of conflict, geopolitical friction, economic fragmentation and rapid technological change. Discussions were structured around multiple thematic areas and nearly 50 events, including subforums and roundtables. Multilateralism featured prominently, with senior figures warning that the world is becoming more divided even as most countries continue to see cooperation as the only viable path forward.

Innovation featured prominently, with AI drawing much attention. Speakers examined how AI is beginning to alter business models, upgrade manufacturing processes, and pose new regulatory and labor-market challenges.

Alongside these debates, the forum spotlighted advances in green and intelligent technologies — including robotics and low-carbon solutions — reflecting the priority placed on higher-quality growth as China enters its 15th Five-Year Plan (2026-30). In this sense, Boao Forum 2026 was not only about dialogue but also about signaling priorities — digital transformation, low-carbon growth, and deeper regional integration.

For Hong Kong, these themes remain highly relevant. As an international financial center and a gateway between the Chinese mainland and global markets, the city has a stake in how Asia manages economic fragmentation and redefines cooperation. The Guangdong-Hong Kong-Macao Greater Bay Area project, the development of the Hainan Free Trade Port, and the ongoing evolution of the Belt and Road Initiative framework all connect with Hong Kong’s traditional strengths in finance, professional services, and dispute resolution.

The launch of special customs operations in Hainan Island points to Beijing’s intention to test more liberal trade and investment arrangements. In that context, Hong Kong’s longstanding role as a separate customs zone under the “one country, two systems” framework is expected to be strengthened, leveraging its practical experience in handling cross-border flow of goods, capital, and services — experience that can help connect new national initiatives with international investors and professional expertise.

The forum’s continued emphasis on multilateral cooperation also resonates with Hong Kong. The city’s growth has rested on clear rules, an independent Judiciary and an open trading system. When speakers at the forum call for renewed confidence in global governance, they are echoing foundations that have supported Hong Kong’s status as a financial center.

At a time when tariffs, sanctions and strategic rivalry have complicated investment decisions, the gathering of policymakers, business leaders and scholars helps keep channels of communication open and provides a degree of reassurance and continuity.

AI and digital governance are other areas where Hong Kong can make meaningful contributions to the nation and the broader world. The city’s universities are active in AI research, and its regulatory agencies are grappling with the same questions raised at Boao about ethics, employment and oversight. The forum’s focus on AI-driven growth mirrors Hong Kong’s push to diversify beyond property and traditional finance toward innovation and technology. Aligning local policy debates with regional discussions enhances coherence and helps avoid regulatory isolation.

It is also worth noting that this year marks the 25th anniversary of the forum’s founding. Anniversaries invite reflection. When the Boao Forum was launched in 2001, Asia was emerging from the late-1990s financial crisis, and China was on the cusp of joining the World Trade Organization.

The central question then was how to integrate Asian economies more closely into a globalizing world. In 2026, the challenge is more complex.

Globalization no longer carries the easy consensus it once did. Until comparatively recently, the dominant concern in most boardrooms was efficiency — how to cut costs, streamline production and expand into new markets. That mood has shifted. Supply chains are being adjusted, sometimes cautiously, sometimes abruptly. Governments are speaking more openly about economic security, and investors are paying closer attention to political risk.

What makes the Boao Forum worthwhile is not a headline announcement at the end of the week. It is the high-level interactions — a panel discussion that continues over dinner, a first meeting that turns into a working relationship months later, a clearer sense of where governments are leaning on policy. In this region, especially, trust tends to build over time. It grows through familiarity and regular contact, not grand declarations.

For Hong Kong, being part of that process matters. Staying engaged helps the city keep pace with how Asia is changing and where new openings are emerging. Southeast Asia, in particular, offers obvious potential. Hong Kong’s strengths in finance and professional services remain relevant, but there is also room to advance in education, research partnerships, and innovation-led industries.

The same applies to newer areas of growth. The digital economy and the shift toward greener development are reshaping business priorities across Asia. Hong Kong brings experience and practical knowhow to the table, and closer cooperation with regional partners would be mutually beneficial. Broader student exchanges, easier movement of talent and stronger cultural connections would give these partnerships greater depth, helping ensure that economic ties rest on a solid and lasting base.

When the global mood turns cautious, the instinct in many places is to pull back and focus inward. The Boao Forum for Asia was founded on the opposite instinct — that dialogue and integration serve the region better than isolation.  A quarter-century on, that founding premise remains relevant.

For Hong Kong, whose economic chronicle is inseparable from the region's integration into the global economy, the conversations held in Hainan are part of an ongoing effort to ensure that Asia continues to develop in open, innovative and cooperative ways.

The author is an international partner and member of the Global Advisory Board, MilleniumAssociates AG.

The views do not necessarily reflect those of China Daily.