The United Nations has unveiled a new China strategy to help businesses in China to work towards Sustainable Development Goals (SDGs). The initiative was announced during the UN Global Compact Leaders Summit held on Wednesday and Thursday.

The China Strategy identifies seven areas where UN Global Compact wants to further engage with Chinese governments at all levels, businesses and other stakeholders to maximize impact. 

Those areas include combating climate change, reducing inequalities, advancing decent work, taking actions against corruption, engaging private sector through the Belt and Road Initiative, strengthening South-South cooperation through China-Africa business collaboration, and fostering business innovation and SDG partnerships through China's Global Development Initiative. The UN Global Compact is a pact to encourage businesses and firms worldwide to adopt sustainable and socially responsible policies.

The summit brought together UN leaders, heads of state and government, and business and thought leaders from around the world.

In his address to the summit, UN Secretary-General Antonio Guterres called for bold action, saying "we need to change course and fast. The (UN) 2030 Agenda for Sustainable Development remains our compass but we need all hands on deck."

China is home to the largest number of Fortune Global 500 companies and more than 44 million small and medium sized enterprises (SMEs). The number of participants from China joining the UN Global Compact increased from 200 to 377 between 2018 and 2020, marking China as the fastest growing market for UN Global Compact in terms of membership in the Asia Pacific region. By May 2022, the number of participants from China had exceeded 560.

Launching the China Strategy, Sanda Ojiambo, Assistant Secretary-General and CEO of the UN Global Compact said: "the Sustainable Development Goals cannot be achieved without China and the engagement of Chinese companies. As the fastest-growing market for the UN Global Compact in the Asia Pacific region, we have seen a rapidly growing number of companies from China stepping up to address regional and global challenges."

Ambassador Zhang Jun, Permanent Representative of the People's Republic of China to the United Nations said China is ready to strengthen cooperation with the UN Global Compact. "We look forward to enhanced ambition and actions by its members for the 2030 Agenda. Let's jointly take actions to make greater contributions to global recovery and sustainable development," said Zhang.

Board member of the UN Global Compact and Vice Chairman of State-owned Assets Supervision and Administration Commission of the State Council of China, Ren Hongbin, described the UN Global Impact's China Strategy as a"clear roadmap" in supporting China's development priorities and mobilizing enterprises from China to positively contribute to the world.

Siddharth Chatterjee, United Nations Resident Coordinator in China called for action and empathy, saying countries and organizations must consider China "unique context" when developing new strategies and partnerships towards the achievement of the SDGs in China. He also noted the necessity for more South-South cooperation and North-South knowledge sharing.

According to UN Sustainable Development Report 2021, China ranked 57th globally in terms of sustainable development goals.

Founded in the year 2000 by the United Nations Secretary-General, the Global Compact has become the world's largest corporate sustainability initiative, counting more than 15,000 participating companies and 3,000 non-business entities across 162 countries.