Xiconomics: China's green development philosophy is contributing to global sustainable growth

PROMOTING GREEN INNOVATIONS

China should work to achieve greater self-reliance and strength in science and technology, promote industrial transformation and upgrading, advance coordinated urban-rural and regional development, and foster green and low-carbon economic and social development, Xi said when addressing the closing meeting of the first session of the 14th National People's Congress, the national legislature, in March.

Over the years, China has taken innovation-driven development as a driving force for economic development, helping its economy switch to green and high-quality growth.

The country is now the world's largest producer of clean energy equipment. In 2021, the output value of the energy conservation and environmental protection industry exceeded 1.13 trillion dollars.

China's export of three tech-intensive green products, namely solar batteries, lithium-ion batteries and electric vehicles, registered a 66.9 percent increase in the first quarter of this year, official data showed. Together they contributed 2 percentage points to the overall export growth, up from 1.7 percentage points for 2022.

"China's foreign trade growth in Q1 is mainly buoyed by new energy-related exports," said Zhou Maohua, an analyst with the China Everbright Bank.

According to the China Association of Automobile Manufacturers, China's new energy vehicle (NEV) sales nearly doubled to 6.89 million units in 2022, accounting for over a quarter of the total automobile sales in the world's largest auto market.

"The speed of growth here is much faster than in other regions of the world," said Oliver Blume, chairman of the Board of Management of Volkswagen AG, adding that with its high level of innovation, China is a vital pacesetter for the entire automotive industry.

In August last year, China revealed a plan for fulfilling its "dual carbon" goal of peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060 through technology.

China has been pursuing green development by scientific means, addressing all challenges through science, technological innovation and creativity, said Benjamin Anyagre, general secretary of the Ghana-China Friendship Association, adding that China's commitment to green development would positively impact the world's efforts to combat climate change.

This is echoed by Peter Bakker, president and CEO of the World Business Council for Sustainable Development, who said that Chinese businesses, with their enormous implementation power and creativity in areas like batteries, electric vehicles and solar power, are expected to decarbonize the world significantly.