As China prepares its 15th Five-Year Plan (2026-2030), the Asian Development Bank’s Chief Economist Albert Park highlights transformative priorities extending beyond GDP growth. In an exclusive interview, Park outlined how China’s focus on high-quality development aligns with global climate goals and regional economic stability.
Redefining Economic Success
Park emphasized China’s shift toward "high-quality, inclusive, and sustainable development," citing breakthroughs in electric vehicles, renewable energy, and AI as catalysts for productivity. "The goal isn’t just expansion, but creating value through green innovation and global integration," he told CGTN’s Guan Xin.
Navigating Global Challenges
While acknowledging trade tensions and technology restrictions, Park praised China’s push for self-reliance in critical sectors. He cautioned against protectionism, stating: "There are no winners in a trade war." The ADB economist urged balanced strategies to maintain open multilateral trade while boosting domestic consumption to address imbalances.
Climate Leadership in Focus
China’s carbon peaking roadmap received strong endorsement, with Park noting progress in emission reductions and carbon market development. "Meeting 2030 targets would significantly advance global climate efforts," he said, highlighting opportunities in green finance and cross-border climate partnerships.
Digital Transformation as Equalizer
Park pointed to China’s digital leap as a model for inclusive growth, revealing data showing faster income gains in digitally advanced cities—particularly among lower-income households. He stressed the need for governments to expand digital infrastructure and promote AI applications in healthcare and education.
Balancing Innovation and Security
Addressing data governance challenges, Park called for frameworks that enable secure cross-border data flows while protecting privacy. The ADB plans to support harmonized digital trade standards across Asia to strengthen regional cooperation.
