Senior experts decoding Government Work Report

Green growth opportunities for the EU

By Michele Geraci

The report sets a GDP growth target of approximately 5 percent, reflecting a pragmatic approach to stabilizing the economy amid various challenges. These challenges include rising geopolitical tensions, and the need for structural reforms. The emphasis on achieving sustainable growth rather than focusing purely on rapid expansion is a significant and necessary shift in policy direction.

A central theme of the report is the focus on innovation and technological advancement. The Chinese government recognizes that transitioning from an investment-driven model to one that prioritizes high-tech industries and innovation is vital for maintaining competitiveness in the global market. This commitment to technological self-sufficiency is commendable, yet it must also be balanced with openness to international collaboration to foster innovation.
Moreover, I see great potential for enhanced cooperation between China and Europe, especially in the context of the EU's Green Deal. Collaborative efforts in renewable energy and sustainable development can create synergies that benefit both economies and contribute to global environmental goals.

However, challenges remain. The rise of protectionism and cautious approaches from Europe regarding trade and human rights necessitate constructive dialogue to address mutual concerns. Both China and Europe must engage in a nuanced discussion that fosters economic cooperation while respecting fundamental values.

In conclusion, the Government Work Report outlines a path toward sustainable growth and innovation for China. As we move forward, I am hopeful that both China and Europe can seize the opportunities for collaboration that lie ahead, ultimately leading to a prosperous and sustainable future for both regions.

Michele Geraci, former undersecretary of state at the Italian Ministry of Economic Development.