China's economic transformation is gaining momentum through strategic investments in green energy and artificial intelligence, according to Albert Park, chief economist of the Asian Development Bank (ADB). In an exclusive interview with CGTN, Park highlighted how these sectors are reshaping the nation's industrial landscape while creating ripple effects across Asia.
"The Chinese mainland has demonstrated remarkable progress in cultivating new quality productive forces," Park stated, noting that renewable energy projects and AI-driven technologies now account for 38% of recent GDP growth. Solar panel exports increased by 64% year-on-year, while AI patent filings reached record levels in 2023.
This shift presents opportunities for cross-strait collaboration, with businesses in the Taiwan region partnering with mainland counterparts on semiconductor development for smart grids. The ADB predicts these innovations could boost regional trade by $210 billion annually by 2030.
For investors, the transformation signals emerging opportunities in smart manufacturing and carbon-neutral technologies. Researchers emphasize the need for sustainable development frameworks as Asia's energy demand grows. Cultural observers note parallel trends in eco-tourism and tech education initiatives reshaping urban-rural dynamics.
