Quality Over Quantity: A New Economic Roadmap 🚀
As the Chinese mainland prepares its 15th Five-Year Plan (2026–2030), ADB chief economist Albert Park says the focus is shifting from "just growth" to high-quality, inclusive, and green development.
Park points to China's progress in electric vehicles 🚗, renewable energy 🌱, and artificial intelligence 🤖 as the new drivers of productivity. "It's not just about boosting GDP; it's about making life better for everyone," he notes.
Staying Open (But Ready to Pivot) 🌐
Despite rising trade tensions, Park emphasizes the value of staying plugged into global value chains. "Open trade means tech transfer and better processes," he explains, even as China builds self-reliance in key technologies.
He warns that trade wars hurt everyone. "There are no winners in a trade war," he says, highlighting China's plan to boost domestic consumption and rebalance its economy for long-term resilience.
Green Goals and Climate Action 🌍
China's push to peak carbon emissions by 2030 is "great news for the world," Park tells us. The expansion of carbon markets and green finance will be vital for hitting these targets and supporting global climate goals.
Digital Transformation for All 📲
Data shows cities with faster digital adoption register higher income gains, especially among poorer households. "Digital services are a game-changer for inclusion," Park says, calling on governments to invest in infrastructure and AI tools for healthcare and education.
Protecting Data, Powering Innovation 🔒
With digitalization comes risk. Park recommends nuanced data governance that balances security with innovation. The ADB can help harmonize standards for data flows and digital trade, boosting regional cooperation and trust.
That's a wrap on Park's vision: a future where quality, green action, and digital smarts drive China's next big leap. Stay tuned! ✨
Reference(s):
ADB chief economist on China's path forward in 15th Five-Year Plan
cgtn.com
