Asia needs to drive global governance reforms with Asian wisdom: forum participants

Asia, with dynamic economic development, rich history, and shared cultural heritage, should collaborate to address challenges and drive global governance reforms with Asian wisdom, scholars said at the Think Asia Forum.

Held in Singapore on Tuesday, the forum brought together about 200 participants, including representatives from government departments, academic institutions, think tanks, and enterprises from China and Singapore, to discuss the region's role in shaping the global governance system.

At the forum, more than 40 experts and scholars from think tanks in Asian countries such as China, Singapore, Japan, India, Thailand, Azerbaijan, the Philippines, Pakistan and Indonesia engaged in in-depth exchanges on the theme of "Contributing Asian Wisdom to Global Governance".

Participants said that Asia should contribute its wisdom to the global governance reform amid profound changes in the global landscape, characterized by rising unilateralism, protectionism, and economic disruptions caused by the U.S. tariff abuse.

"It is highly significant to host the Think Asia Forum in the current situation. Asia is the most vibrant region in the global economy. Guided by Asian values -- peace, cooperation, openness, and inclusiveness -- our economies will continue to grow, and our political situation will also be more stable, benefiting the Asian people, and in turn, contributing to global peace and development," said Zhu Guangyao, former vice minister of China's Ministry of Finance, in an interview with China Central Television on the sidelines of the forum.

Participants also said that Asia is actively promoting globalization and regional economic cooperation, showing unprecedented initiative and resilience.

The region's economic integration has been deepened, and mechanisms such as the Regional Comprehensive Economic Partnership (RCEP) -- the world's largest free trade deal so far -- have facilitated trade, enhanced industrial cooperation, reduced reliance on Western markets, participants said.

They also said that cooperation in the sci-tech sectors, including artificial intelligence, has accelerated, and China and ASEAN countries have made progress in human resources development, infrastructure, and inclusive technology applications.

"This is a moment of strong winds and huge waves, but we need to work with Chinese cooperation partners to elevate the status of Asia in the global knowledge production system, which is persistently a long-term work for us," said Jack Linchuan Qiu, chair of the Wee Kim Wee School of Communication and Information of the Nanyang Technological University.

"China, over the past 30 years, has created a great economy, with the advancement of technology, which can help neighboring countries, and China's policy about the Belt and Road Initiative is also a very good helping hand to other countries' development. It's timely for China to work together with ASEAN and together with India. We have [are] covering about three billion, more than three billion people kind of market. Thus, in long term, we should be able to regain the control and rebuild the world order," said Chong Sin Woon, secretary-general of the Malaysian Chinese Association and former deputy minister of Education of Malaysia.

Participants also said that Asian countries should enhance strategic trust, strengthen institutional innovation, and improve governance capacities to lead globalization with Asian wisdom and solutions, so as to build a more inclusive and balanced international order for all-win cooperation.

Asia needs to drive global governance reforms with Asian wisdom: forum participants

China's latest visa-free entry and tax rebate policies have fueled an influx of foreign visitors in the southern city of Guangzhou, where the country's largest international trade fair is taking place.

Since China expanded its visa-free transit window to 240 hours (10 days) for passport holders from 54 countries in 2024, Guangzhou, host city of the Canton Fair -- has recorded 1.11 million visa-free entries as of April 2025, a 275 percent year-on-year surge.

The policy is part of the country's broader push to attract more overseas visitors, including unilateral visa exemption for 38 countries and slashing the minimum spending threshold for tax refunds from 500 yuan (69 U.S. dollars) to 200 yuan (28 U.S. dollars).

In Canton Fair Convention Complex, an AI-powered virtual host explains instant refund procedures in multiple languages, attracting overseas buyers to the tax service booth, with multilingual tax refund policy and service brochures available.

Several commercial banks' booths also offer live presentations on departure tax refund procedures.

"Since the implementation of the 240-hour visa-free transit policy, as of April 2025, the tax refund for departure we have accepted has increased by 137 percent year-on-year, showcasing the enthusiasm of foreign tourists for tourism and consumption in Guangzhou," said Chen Cuina, account manager at Agricultural Bank of China (ABC) Guangzhou Branch.

The government is also expanding the number of departure tax refund stores and promoting a "refund-upon-purchase" service model. Guangzhou has increased the number of tax refund stores and expanded the variety of tax refund goods.

Currently, 349 stores in Guangzhou offer tax refund services, with 10 pilot stores implementing the in-store tax refund policy.

Since the 137th Canton Fair opened on April 15, the average daily number of tax refund transactions in Guangzhou has reached a record high, increasing by 168 percent compared to last year.

Some merchants even joined in a one-stop online instant tax refund service for departing travelers. They can instantly upload purchase details and documents via their mobile phones at these stores to complete the tax refund process and receive their refunds within five minutes.

"I definitely need to try it (the online instant tax refund), it is good because I immediately get back the money," said an overseas buyer.

Following introducing the 240-hour visa-free transit policy, Guangzhou has welcomed over three million inbound travelers, a 75 percent year-on-year increase. Among them, 1.11 million entered visa-free, representing a 275 percent increase from last year.

China's latest visa-free entry, tax rebate policies fuel influx of overseas visitors in Guangzhou