As China prepares its 15th Five-Year Plan, global attention turns to how the world's second-largest economy will balance digital innovation with environmental sustainability. In an exclusive interview with KhabarAsia, Albert Park, Chief Economist of the Asian Development Bank (ADB), outlined critical pathways for China's dual transition toward a greener and tech-driven future.
The 2030 Climate Crossroads
Park emphasized that China's 2030 carbon peaking target requires 'unprecedented coordination' across green finance mechanisms and industrial policy. 'Expanding carbon trading markets and aligning investment with renewable energy projects will determine whether China meets this milestone,' he noted, highlighting the need for public-private partnerships in clean technology development.
Digital Leap Forward
The ADB economist pointed to artificial intelligence and smart manufacturing as key productivity boosters, particularly for small and medium enterprises. 'Digital transformation could add 1-2% annually to China's GDP growth if implemented inclusively,' Park stated, while cautioning about the need for workforce upskilling programs.
Regional Implications
With Asia accounting for 60% of global greenhouse gas emissions, Park stressed that China's policy decisions will significantly impact neighboring economies. He urged greater regional collaboration in renewable energy infrastructure and cross-border digital payment systems to create 'a rising tide of sustainable growth.'
