Uncategorized
Asian economies inject strong impetus into global recovery
By Xu Xiujun
The Boao Forum for Asia (BFA)’s annual conference, held from March 28 to 31 in Boao, a coastal town in China’s island province of Hainan, has attracted global attention.
As world recovery remains sluggish, Asia, the world’s most dynamic and promising region, is seeing greater endogenous growth momentum and will inject a strong impetus into the recovery of the global economy.
The BFA Asian Economic Outlook and Integration Progress Annual Report 2023 points out that as a major engine of the world economy, Asia is expected to accelerate its pace in overall economic recovery in 2023. This report estimates that the weighted real GDP growth rate of Asia in 2023 would be 4.5 percent, an increase from 4.2 percent in 2022, making it a standout performer in view of the global economic slowdown.
China will unquestionably be the largest driver of Asia’s economic growth this year. After the country optimized its COVID-19 response measures, it has witnessed a rapid recovery of its economic and social vitality.
The Chinese government has launched a series of policies that accelerated the pace of economic pickup and boosted market confidence. Many international organizations have lifted their forecast on the growth of the Chinese economy, which they believe will also spur the growth of Asia as a result.
Given the uprising of unilateralism and protectionism, the global trade dependence on Asia has remained stable overall, with trade dependence between Asian economies standing at a relatively high level.
Trade and economic relations between Asian economies have become closer with the active participation and promotion of China.
According to statistics released by the General Administration of Customs of China, the country’s total trade in goods hit a record high of 42.07 trillion yuan ($6.11 trillion) in 2022, topping the world for six consecutive years.
The Association of Southeast Asian Nations (ASEAN) remained China’s largest trading partner, with bilateral trade in goods reaching 6.52 trillion yuan, up 15 percent from a year ago. South Korea, Japan, India and other Asian economies were important trading partners of China as well.
China is accelerating the establishment of a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other. This provides new impetus and opportunities for strengthening China’s economic and trade cooperation with other Asian economies.
The country’s high-quality implementation of the Regional Comprehensive Economic Partnership also creates more dividends of institutional opening up for regional economic integration.
Last year, the 17th Group of 20 Summit and the 29th Asia-Pacific Economic Cooperation Economic Leaders’ Meeting were held in Indonesia and Thailand, respectively. This mirrored a more active leading role played by Asia in global economic governance.
In terms of trade and investment governance, Asian countries proactively safeguard multilateralism, advocate trade and investment liberalization and facilitation, support the multilateral trading system with the World Trade Organization at its core, and work for positive progress in the reform of the system.
In monetary and financial governance, Asian countries actively promote the construction of regional and global financial security networks, push for the settlement in local currency and currency swap within the region, and support the reform of international financial institutes.
With regard to improving global development governance, Asian countries have actively responded to the Global Development Initiative, promoted the high-quality development of the Belt and Road Initiative through joint efforts, and implemented the UN 2030 Agenda for Sustainable Development, to steer global development toward a new stage of balanced, coordinated and inclusive growth.
It is the solidarity and cooperation between Asian countries and their peoples that leads Asia to prosperity. The “Asian Miracle” calls for the endogenous impetus of Asia’s development. As the largest Asian economy, China will continue providing new opportunities for the continent’s progress with its own development.
By Fabian Apechihin
The 2026 Constitution Amendment Bill has moved to the state level following its consideration by the National Assembly, paving the way for state legislatures to consider the proposed amendments.
The development comes amid renewed attention on constitutional reform and ongoing discussions over proposed changes to Nigeria’s governing framework.
Meanwhile, the House of Representatives has defended FCT Minister Nyesom Wike over allegations surrounding borrowing by the Federal Capital Territory Administration.
House spokesperson Akin Rotimi Agbese, speaking in an interview with Channels Television, rejected claims that Wike had undertaken borrowing without the knowledge or approval of the National Assembly.
Agbese said the FCT minister could not independently create a sovereign borrowing obligation, stressing that public borrowing is subject to constitutional, statutory and administrative procedures.
“Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.
He explained that borrowing to finance infrastructure was not unlawful where the required approvals and procedures had been followed.
“Borrowing for infrastructure development is not unlawful in itself, provided the prescribed approvals and procedures are followed,” he added.
The House spokesperson further argued that an increase in the FCT’s debt profile should not automatically be interpreted as evidence of illegal borrowing, citing the scale of infrastructure projects being undertaken in Abuja under Wike.
According to Agbese, the key issue is whether the appropriate approvals were obtained for specific borrowing transactions, rather than simply whether the FCT’s overall debt profile has increased.
The comments come as scrutiny continues over public borrowing, infrastructure financing and the legal procedures governing government debt at both the federal and sub-national levels.
By Fabian Apechihin
The 2026 Constitution Amendment Bill has moved to the state level following its consideration by the National Assembly, paving the way for state legislatures to consider the proposed amendments.
The development comes amid renewed attention on constitutional reform and ongoing discussions over proposed changes to Nigeria’s governing framework.
Meanwhile, the House of Representatives has defended FCT Minister Nyesom Wike over allegations surrounding borrowing by the Federal Capital Territory Administration.
House spokesperson Akin Rotimi Agbese, speaking in an interview with Channels Television, rejected claims that Wike had undertaken borrowing without the knowledge or approval of the National Assembly.
Agbese said the FCT minister could not independently create a sovereign borrowing obligation, stressing that public borrowing is subject to constitutional, statutory and administrative procedures.
“Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.
He explained that borrowing to finance infrastructure was not unlawful where the required approvals and procedures had been followed.
“Borrowing for infrastructure development is not unlawful in itself, provided the prescribed approvals and procedures are followed,” he added.
The House spokesperson further argued that an increase in the FCT’s debt profile should not automatically be interpreted as evidence of illegal borrowing, citing the scale of infrastructure projects being undertaken in Abuja under Wike.
According to Agbese, the key issue is whether the appropriate approvals were obtained for specific borrowing transactions, rather than simply whether the FCT’s overall debt profile has increased.
The comments come as scrutiny continues over public borrowing, infrastructure financing and the legal procedures governing government debt at both the federal and sub-national levels.
By Fabian Apechihin
The Peoples Democratic Party (PDP) has reaffirmed its intention to contest the 2027 presidential election despite the decision of Federal Capital Territory Minister, Nyesom Wike, to support President Bola Ahmed Tinubu’s re-election bid.
The party said Wike’s decision was personal and did not alter its position to participate in the presidential election with its candidate, Senator Sandy Onor. PDP National Publicity Secretary, Jungudo Haruna Mohammed, made the clarification on Wednesday.
According to the party, a recent conversation between Wike and Onor should not be interpreted as a political negotiation between the minister and the PDP.
“He told Nigerians that Sandy is his friend. And they only had a friendly discussion within the umbrella of friendship. So, that is just a personal discussion between him and his friend,” Mohammed said.
He added that Wike’s support for Tinubu did not prevent the PDP from fielding candidates for the presidential, governorship and legislative elections.
Wike had earlier clarified that his support in 2027 was specifically for Tinubu’s presidential re-election and did not amount to an agreement that the PDP would withdraw from other electoral contests. He also said he never promised that the PDP would abandon its candidates for governorship, National Assembly and State House of Assembly elections.
“I said I will support the President from day one. I never told Mr President I will join APC,” Wike said.
The minister also maintained that his proposed Rainbow Coalition was not an arrangement with the All Progressives Congress (APC), but rather a platform through which politicians from different parties could mobilise support for Tinubu’s re-election.
The issue has generated disagreement with some APC governors, who have expressed concern about a political arrangement that could affect the party’s candidates at other levels.
APC Progressive Governors’ Forum Chairman, Hope Uzodinma, said the governors would not support any alliance or arrangement that could weaken the APC or adversely affect its candidates.
Meanwhile, APC presidential campaign council spokesperson Ima Niboro has urged Wike and APC governors to end their public exchanges and concentrate on political mobilisation.
“When I said tone down the rhetoric, I do not mean stop working. Stop talking, go and work,” Niboro said.
He urged political leaders to strengthen their grassroots structures and engage directly with voters rather than continue exchanging statements in the media.
“All this shouting is not taking anybody anywhere. Go and work. Go and establish your authority on your political base,” he said.
2026 Constitution Amendment Bill Moves to States
2026 Constitution Amendment Bill Moves to States
2027: PDP Insists on Presidential Contest Despite Wike’s Support for Tinubu
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