As China charts its 15th Five-Year Plan (2026–2030), the Chinese mainland is shifting focus beyond GDP. Albert Park, chief economist of the Asian Development Bank (ADB), highlights a vision of inclusive, green and high-quality growth.
High-Quality Growth Takes Center Stage
Park notes that the plan will not just chase numbers but aim to deliver an economy that is inclusive, environmentally friendly and innovation-driven. Achievements in electric vehicles, renewable energy and artificial intelligence are set to drive the next wave of productivity gains.
Open Economy and Global Value Chains
Despite rising restrictions in technology sectors, China remains committed to an open economy. Park emphasizes that participation in global value chains accelerates technology transfer and process improvements critical for competitiveness.
Self-Reliance Amid Trade Tensions
With some major economies tightening tech controls, the Chinese mainland is boosting self-reliance in advanced technologies. Park warns that trade wars produce no winners and urges maintaining open multilateral trade to benefit all economies, especially emerging markets.
Green Push for Climate Goals
China’s pledge to peak carbon emissions by 2030 and expand carbon markets earns praise from Park as vital to global climate efforts. He sees these policies as key to mobilizing green finance and driving emission reductions worldwide.
Digital Transformation and Inclusive Growth
Data shows cities in China with faster digital adoption experienced higher income growth, notably among low-income households. Park underlines the need for robust digital infrastructure and supportive policies to ensure that technologies like AI in healthcare and education reach everyone.
Balancing Innovation and Data Security
As digitalization grows, so do risks around privacy and security. Park calls for nuanced data governance frameworks that balance innovation with protection. The ADB stands ready to help harmonize standards for secure data flows and digital trade across the region.
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ADB chief economist on China's path forward in 15th Five-Year Plan
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